Strength in stocks YTD is explained by better fundamentals + drop in VIX. And now 26 groups are in solid positive trend (vs 4 a month ago). Next week remains one of most critical of 2023.

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VIX is arguably the largest driver of equities YTD

The upside breakout in equities puts the S&P 500 near 4,300, a key round number and near the August 2022 highs (4,325). Our base remains that S&P 500 will gain >20% in 2023, so the 4,300 level is a just a "waypoint" but will ev...

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