Over the last year we transitioned from the stock market angst of 2015 to the bullish breakout of 2016. For NFTRH, the real proof in the pudding was the ramp up in the cyclical Semiconductor sector’s Equipment sub-segment (Applied Materials, Lam Research and the like). Specifically, we tracked a trend in Equipment orders and projected a bullish Semi sector a year ago. The logical extension of this was a bullish stock market, since the Semis are a leader.
What a difference a year makes....Always looking ahead, and only looking behind for frames of reference, we see that some macro signals are shifting beneath conventional market participants’ feet.