What is the 'worrying development' in US equities?

Selling stocks with good earnings upgrades

Equity markets sold off sharply during February and March. But companies' first quarter trading updates have, on the whole, been good and as a result of this, and recent sterling currency weakness, UK equities have recouped much of their Q1 losses as at time of writing.

UK-listed companies showing exceptionally good sales and earnings growth could be found in sectors as diverse as industrials and recruitment. Importantly, when companies have released good numbers, they have, in general, been rewarded with good share price performance. The same, unfortunately, cannot be said for companies in the US where numerous large banks and industrials have seen good earnings upgrades, but investors have taken the opportunity to sell the stocks.  US banks criticise Britain's lack of Brexit clarity  This is a worrying development, as 'the crowd' has historic...