95' > 04'?

Too early to call, but we still favor the SPX route from last Thursday's note for strength in equities away from the 2004 comparative. Here are a few updates, as well as the 95' comp - including the banks. 

Should the market follow the 2004 momentum profile - equities would likely need to pivot lower right about now (~2PM est). 

Click to enlarge images

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Update - 6:45 PM est: Equities took the pivot lower where the 2004 momentum comp was pointing. The following three (3) charts were all created after the close. 

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