* Pharma is the most oversold sector, trading 3SD below the 12M average relative price, both the breadth of outperformance and relative PEs are at 5Y lows, while relative earnings estimates have been stable.
* Banks’ relative PE is lower than at any point during the GFC and the relative PBV is close to all-time lows.
* Capital Goods appears overbought with an RSI of 74, but earnings revisions have been strong.
* 88% of Energy stocks have outperformed in the last 3M and relative price trends have significantly outperformed relative earnings.
* Telecomms have only been more expensive 4% of the time in the last 10Y.