Some understandable "chop" ahead to digest +2% October gains. But we see multiple reasons for S&P 500 to gain in November.

The S&P 500 is on track to close up 2% for October. Looking back at the month, the Oct 10th swoon (-3%) triggered many to become cautious. But as we have highlighted many times this month, we are in the seasonally strong 4th quarter, so we are buying dips.

Looking at November, the 6 things that we are focusing on are:1. 3Q25 EPS: 83% beat, best in several years2. AI continues to gain visibility3. Crypto suffers from Oct 10th deleveraging, but tokenization driving adoption4. Fed “dovi...

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