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FAANG default risk (CDS) less US govt = more reason to OW (even now). Regional banks see DeMark "13" buy setup = stick along with OW "temporary Fed put"

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Tune into our webinar "Super Granny" Shots next week 5/23 (Tuesday) at 2pm

  • we discuss "Super Granny" shots that expected to tactically gain near-term
  • and "Sleeping grannies" which we expect to tactically underperform


The S&P 500 remains stuck in a narrow 4,100-4,150 range, something seen for the past few weeks. The primary issue currently, in our view (and only our opinion) is the debt ceiling risk ("x" date could be as early as June 1) creates a binary outcome for markets, which is difficult to equilibrium price an outcome. Hence, stocks are struggling within a narrow range, fighting a "game of inches." This has been a light macro week, so no tie-breaker data is emerging. But we have some key observations:

Markets are beginning to fade the "inflation" trade. The most notable is Paul Tudor Jones, a legendary macro investor, on CNBC Monday suggested "Fed is done raising rates" -- the first major macro investor, we be...

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