"We are what we repeatedly do. Excellence, then, is not an act but a habit."
-- Aristotle
The narrowness in the US equity rally has been cited “ad nauseum” over the past months. We have made the point in a recent Quotedian that this may mean that there is catch-up potential for all the other stocks …
Meanwhile, we cannot simply ignore that Japanese stocks just hit a new all-time high, some 35 years later, and European stocks in many measures are also taking out previous highs. In other words, global breadth is more than healthy, as the chart below demonstrates.
