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I probably sound like a broken record (if you remember what records were), but once again, here's the Morgan Stanley Cyclical Index (^CYC) divided by the S&P 500:

The cyclicals have had an amazing run, but these are the stocks that have been hit the most since May. What's interesting is that the peak level earlier this year almost perfectly matches the peak from 12 years ago. And you can see that the low point is a loooong way down.

Posted by edelfenbein at August 25, 2006 10:09 AM