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The Season for Carnage and Outflows

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More indicator deterioration evident in a season when sharp five-declines are most common. Flow seasonality also warrants caution with current trend similar to last two bear markets - watching model and Bear Watch report. In regional allocation, adding to overweight U.S. exposure while cutting EM from marketweight to underweight and Japan from overweight to marketweight.

Ned Davis Research | Equities | Global Focus | Weekly

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