The S&P 500 closed at 4,155.86 down from 4,173.85 last Friday. The day started stronger and markets peaked at intraday high of 4,188.72 on Friday before fading into the close. Yet again, that differential masks a much bumpier ride in between. It was just another manic Wednesday this week. Another sell-off, not quite as severe as the one a week before, roiled markets on Wednesday. The S&P 500 hit an intraday low of just over 4061 that day before closing significantly higher. The initial volatility, as my colleague Tom Lee pointed out, actually masked what was a pretty bullish day. Despite massive stress that spilled to stocks crypto markets held and prices recovered significantly.

Despite the week’s volatility, we saw several bullish signals for equities. The price action on the VIX was pretty telling. It failed to crack the previous levels of the previous Wednesday and essentially closed flat. This coupled with a large and rising amount of institutional funds on the sidelines in cash makes us think that this market, namely our favorite Epicenter names, are supremely positioned to climb a wall of worry. High flying technology names meanwhile appear distinctly positioned to ‘fall down the slope of hope’. We keep getting questions whether Technology is low enough t...

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