Look to Lagging Cyclicals; UBER Ideally Positioned Technically

Last week I made the case that despite accelerating worries regarding the election, COVID-19, stimulus and the overall economy, a rebound was likely early this past week. Daily momentum was oversold and poised to bottom, the VIX was already showing evidence of peaking at advanced levels, US 10-year yields were firming, and cyclicals were broadly emerging. With election anxiety dissipating this week, equity markets held and rallied from key support at the September lows and the VIX has dropped s...

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