As US equity markets push to higher and higher highs, the underlying substance of the exuberance is becoming not just more and more defensive but more and more concentrated in fewer and fewer names… now where have we seen this before?
Today… no problem, stocks are higher…
Wonder what was being said in 2007?
Charts: Bloomberg
h/t Brad Wishak at NewEdge
via Zero Hedge http://ift.tt/10VMMZI Tyler Durden