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Data this week strengthened pause case, while collapse in margin debt near dot-com trough. FAANG OW justified by AI TINA

NEW: Notice new section (below)added so you can see our tactical ideas

This was a big week for inflation data with both critical April CPI (5/10) and PPI (5/11) coming in softer (more favorable details.) In this "game of inches" market, we see this as incrementally favorable for those positive.

Foremost, 3 things happened this week that support the Fed's decision to "pause":- soft-ish core CPI readings, particularly given "hotter" component was used cars- core PPI came in at +0.2% (vs Street +...

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