The stock market’s rally through October 21 would have been the second-best month this year behind July, but this time around investors are being more cautious about what they buy, preferring stronger beta stocks more so than in previous rallies, according to Citigroup Inc (NYSE:C)’s US Credit Weekly.
Stock market rally defensive
“In many respects, October hasn’t marked a huge departure from the pattern evident in July’s rally in that it’s been remarkably defensive in nature,” writes Citi analyst Jason Shoup. “Corporates and financials are leading the way as one would expect during any rally, but the higher beta portions of the market aren't pulling their weight to the extent we’ve seen in past rallies. That’s particularly...
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