The selloff in equities was strong in the first trading week of the year. Continuation on Monday, Jan 10th was short-lived offering investors yet another “buy-the-dip” opportunity at the index level. However, a sharp rise in interest rates set the context for another verse of the rotation song that has frustrated growth investors multiple times throughout 2021. On a relative basis we can see GoNoGo Trends of the energy, financials and industrials sectors outperforming the S&P500 index. Cyclicals are once again outperforming the growth areas of the equities markets as we get through the second week of trading in 2022.