Today, we find these conditions support counter cyclicals more than cyclicals. First, the Citigroup Economic Surprise index has declined by 40 points over the last six weeks.
Second, stocks have been up a net +16 days, or 68% of the last 88 trading days. As can been seen in the chart below, net positive days somewhere between 15-20 generally marks the end of the cyclical period of outperformance.