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Stovall believes that the more mature bull market in the backdrop of an expanding economy will favor firms in consumer cyclical businesses, health care, technology outsourcing and semiconductors.
"The U.S. represents the biggest cyclical risk within a structurally O.K. story," he said, offering a thumbnail sketch of the economic backdrop.
Among the leading cyclical Dow components were Alcoa aa, Union Carbide uk, Chevron chv, DuPont dd and International Paper pp. Cyclical stocks rose against a backdrop of signs of economic improvement after the Commerce Department released data showing rising factory orders.
Backdrop: Nightmarish.
Cyclical vomiting.
The backdrop?
Productivity has been cyclical.
It's cyclical".
History is cyclical.
Trends are cyclical.
The violence is cyclical.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com