September 29, 2014 - Headlines Summary: Bellwether U.S. economic surveys remain consistent with an improving economy. Small business surveys show improving demand without inflation. Consumer major purchase surveys are strong, but below major peaks. Meanwhile, consumer and business confidence have been rising, but are well below pre-2008 highs. While all of this is consistent with further stock gains, we are transitioning away from our deep-cyclical overweight toward a more balanced sector exposure. Our preferred non-cyclical sectors remain Health Care and Utilities while we are warming up to Telecom (see bottom panel). We remain overweight on Technology, Financials and Energy. Click here for the full Weekly Bulletin.
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