Equity markets near-term supported by "angry bears" but Jan CPI is important. Multiple factors still support upside though. 49ers win better for markets, FYI.

The video in this report is only accessible to members

The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

VIDEO: With S&P 500 at 5,000, we highlight the key drivers around markets and most remain supportive, except for the unknown leanings of the Fed in coming weeks

Please click below to view our Macro Minute (duration: 5:48).

The video in this report is only accessible to members
The video in this report is only accessible to members

The S&P 500 closed decisively above 5,000 in the past week, pushing YTD gains >5%. I have been visiting with a lot of investors over the past few weeks, both institutional and RIAs (at CFA events). Sentiment, in my view, does not really line up with the strength we have seen in markets.

In the near term, sentiment, in my view, is probably one of the key factors to watch. And the real assessment is what is the dominant view:- nervous bulls? Those who have captured much of the 15 week rally (+23%)- angry bears? Those who feel stocks are disconnected "from their reality" Based on our multiple interactions, the predominant view are the angry bears. Most recently, many cite the fact that the Fed is not nearly as accomodative as markets are suggesting. On the surface, that is what Fed Chair Powell has stated, even in his most recent 60 minutes interview (2/4 last Sunday). And he cited the risks of moving too soon and thus, inflation remains sticky. ...

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