SIMILARITIES TO 2011-2012 AND 2015-2016Over the past ten months, numerous developments (breadth thrusts, asset class behavior, sentiment, etc.) have told us to remain open to a bottoming-process/rally similar to action following major stock market lows in October 2011 and February 2016. After experiencing resistance at the blue line in the graph below, the Dow Jones Transportation Average finally broke out in December 2012, which provided another indication of increasing risk appetite. Following
