The Market's Signal That We Are Not in a Cyclic Expansion

There are still signals out there that are saying things aren't great, not just the equal weight versus the market cap weight. The Russell 2000 is basically flat on the year up 1.18%. And then when you think about some of the cyclicals, you just mentioned, look at a letter X. This is US Steel. We highlighted yesterday how badly crude was trading,. How badly energy stocks, materials, miners, the list goes on. Look at Freeport, Mac Moran to a certain extent and I'm sure Alcoa is going to look similar as well.