“I am not ready to back away from my views.” ~ Alexei Navalny (1976 - 2024)

Good evening,

The primary macroeconomic event impacting markets this week was the release of the latest Consumer Price Index (CPI) reading. As we began the week, Fundstrat Head of Research Tom Lee told us that, anecdotally, based on his conversations with clients, RIAs, and investors at various industry events, uncertainty seems to be pervasive. 

He highlighted two common perspectives: “nervous bulls” who realized gains during the present 15-week rally, and “angry bears” who are unhappy with the disconnect between the market’s behavior and what they believe it should have been. “Based on our multiple interactions, the predominant view is that of the angry bears” who see the Fed’s stance and the market’s behavior  (based on trading activity) as misaligned.

Yields are up – the 10-year has risen to its highest level in months (4.295%  as of Friday afternoon) – yet, as Head of Technical Strategy Mark Newton had noted in past weeks, the traditional correlation between stocks and yields has not been in evidence recently, as stocks have risen alongside yields. To Lee, this is a sign of market strength. Yet, Lee continues to urge caution as long as the timeframe f...

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