The Major Trend Index closed out the second week of February still stuck at High Neutral. Net equity exposure in Leuthold tactical accounts remained at 59%. Four months after its previous peak, the Dow Jones Utility Index set a fresh all-time high on Friday. Out of our eight bellwether indexes, only S&P Financials is more than a month removed from its all-time high. The S&P 500 closed the week down a little over 1% (and perfectly flat YTD); the Nasdaq was down 2%. Tame figures, given the pockets of turbulence we’ve witnessed.
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