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Equity: Sector Rotations Based on data over the last 20 years as discussed in class, if the economy is declining and slowing (ISM PMI below 48 and falling), you'd expect which sector to perform BEST OF THESE CHOICES? See slides 5 and 6. The horizontal line of slide 6 in the charts is the 48 ISM PMI level. If the cycle lines (curved lines) in the graphs are going down, that means the ISM PMI is declining, and vice versa. Note: currently, the ISM is very high and many strategists expect it to start falling. Maybe it does, maybe it does not. Thus, this is a real question professional investors are pondering. Financials (abbreviated Fin the slides) Energy (abbreviated in the slides) Consumer staples (abbreviated CS in the slides) Industrials (abbreviated in the slides)