The line on our multi-asset chart is getting longer as we enter the 4th quarter. Commodities and Fixed Income are down and the US is dominating.
Its nice to see the international markets making a run at the US late in the year, and its interesting to note that international's run was late in the year last year. Could the same be occurring now? Valuations certainly favor international vs. US.
US Healthcare, Consumer Discretion, Financials and Industrials are the sectors beating the US market this year. Small Caps have more than a touchdown lead on Large Caps at the start of the 4th quarter.
Keith Hays & Justin Wood
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