This is the best sustained intermediate-term thematic breadth since early 2021 with zero days below 70% and only three days below 80% this month. However, long-term thematic breadth remains anemic at only 22%. We're encouraged by the breadth of the Risk-On Indices (proxies of global risk tolerance). Correlation of the breadth measures fell throughout 2021 as overbought themes were sold with indifference to the broader market.
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