There seems to be a growing consensus that the bear market is over. There will be a Fed “pivot”. There will be a surrender on Powell’s part. All the bad news is already “baked in.” As you might guess, I disagree. Here is a ratio chart. It is the RYT divided by the IEF. That is, the S&P equally-weighted technology fund (RYT) divided by the 7-10 Year Treasury Bond fund. Beautiful, isn’t it? And a long, long way from being done.
