S&P 500 at record levels but only 3 sectors are at all-time highs.
% of sector leadership now faltering as much as it did ahead of the last two recessions.
Why is this not another 2015 soft landing?
Back then, 20% of the yield curve was inverted.
Now it’s close to 60%!
Conventional wisdom is that the first rate cut is bullish.
Not true with the last two first Fed cuts.
Will likely not be true this time either because we are record late in the business cycle at historic high valuations.