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S&P 500 performed exactly as called – flush and then rebound – fine enough one to create FOMO in some on Monday. All clients were positioned for such an outcome – in timing the rebound, credible bottom formation. And should we get government shutdown resolution and no repo market noises, stocks would continue higher, broadening base enough beyond the current defensive one. Staples, real estate and healthcare tell the story clearly enough – and utilities rebounding pave the way for tech to notice one day as well. Just how soon can that be, what do various ratios say?
And will yields and (rising) dollar support the stock market rally in the week ahead?
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