Phoenix

Cycle Summary

Phoenix sits in the Recovery phase, roughly between 6:00 and 8:00 on the cycle clock. This part of the cycle is typically associated with Disbelief. That supports an Aggressive investment posture: lean in and actively seek exposure; tolerate greater uncertainty when the asymmetry is favorable. The fundamental turn signal is turning upward, indicating that broad-based improvement may be beginning to change the market's direction, while credit conditions remain open and are not materially constraining market activity.