The S&P 500 (SPX) is very overbought trading at around 16 standard deviations north of its 200-day moving average. At a minimum a slowing of the uptrend is likely, if a larger pullback does not develop.
Invested in value stocks, our Core Strategy has performed about equal to its benchmark this year after a good performance in April.
Reviewing strength in the restaurant industry leads us to a potential breakout in Ruth’s Chris Steak House (RUTH) as it comes out of a Bollinger band squeeze.
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