Hitting Resistance

It's been impossible to ignore.

Equities and cyclicals have seen some modest gains off the lows, while growth areas and crypto markets have waned. In fact, by our calculations, this year has seen one of the greatest disparities in performance between growth and value.

You can see it when you compare something like Bitcoin or Ethereum against the Dow Jones Industrial Average.

Sure, crypto markets have been dragged down by the FTX contagion. Still, perhaps the bigger driver of this price action has been the macro flow out of long-duration growth assets (crypto included) and into traditional value areas.

We're talking industrials, materials, and, of course, energy stocks.

But let's not forget the broad picture.