The recent stock-market crash and the Great Depression of 1929 share an unnerving similarity that suggests the recovery will be more painful than many investors expect

· Cyclical stocks have historically shown great sensitivity to economic growth and served as reliable forward-looking indicators of both market and economic recoveries. 
· Since the market's bottom in March, cyclicals have mostly underperformed the broader market and are signaling to Societe Generale strategists that the...