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MAKE OR BREAK WEEK: JOLTS show the "bro"-cession becoming more visible in data and possibly April jobs (this Fri). Despite market weakness past few days, risk/reward positive on Fed "dovish" +25bp hike.

The S&P 500 closed a year ago (4/30/22) at 4,132 and closed April 2023 at 4,169. Yes, the S&P 500 is exactly flat with where it was one year ago. This surprised me but was pointed out by ES in SF. As we discuss below (see Strategy section), the fact the market is flat vs year ago contrasts with a massive de-leveraging of investors that has since taken place. Will investors further "disown" stocks? Or will they begin to re-acquire equities (our view)?

We are approaching the consequenti...

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