Both early cyclical and late cyclical stocks held up well enough, even outperforming the S&P 500 through the range-trading period. ...
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Here’s another sign of an overheated market. The late-stage cyclical stocks are starting to outperform early-stage cyclicals.

Here’s a graph of the Merrill Lynch Late Cyclical Index (^XT), the gold line, with the Merrill Lynch Early Cyclical Index (^XE), the black. Notice how closely this indexes tend to track each other. But recently, the late-stage cyclical stocks have jumped higher while the early-stage stocks are bouncing along.