The market has rallied roughly 10% this month, and while we remain cyclically and structurally bullish, a short-term consolidation period is likely in the cards. As Chart 1 highlights below, extremely easy financial conditions along with…
The vaccine announcement this week accelerated the unwinding of the long tech short everything else pandemic trade. While such a rotation is augmenting our portfolio via an explicit long “Back To Work”/short…
Yesterday’s vaccine news reawakened investors to the reality that the world might be going back to normality much sooner than previously anticipated unleashing a violent equity rotation. Perhaps one of the most…
In this Monday’s Special Report we introduced our 2021 SPX target of approximately 4,000 and also updated our EPS forecast from $162 to $168. We arrived at these targets by applying our three-scenario approach that we first…
Highlights According to betting markets, Joe Biden is likely to become the 46th US president, with the Republicans maintaining control of the Senate. Such a balance of power could produce less fiscal stimulus than any of the other…
The global semiconductor industry has been experiencing a record amount of IPOs and M&A deals in recent months. A flurry of IPOs and M&As in any industry often serves as a sign of a top in share prices (Chart 1). Chat 1Will…
Dear client, Instead of our regular Daily Sector Insight, tomorrow we will be sending you our sister’s Geopolitical Strategy service Weekly Report with a post mortem on the US election. On Monday our regular service resumes with a…
The reopening of the economy remains on track, and this week’s blow out ISM manufacturing PMI print signals that the cyclical part of the economy is firing on all cylinders. Drilling deeper beneath the surface is…
The 14th Five-Year Plan has more strategic importance than in the past decade. Spending on national defense, technological self-sufficiency, public welfare and green energy will likely see substantial increases under the guidelines…