The S&P 500 continues to grind higher, notching a string of all-time highs,
and seeing the rally since March foster an "official" bull market.
The pandemic has sped up key structural trends and triggered substantial
market swings, precipitating an urgent need to rethink strategic asset allocations.
Among the big changes: We favor reduced exposure to nominal developed market
(DM) government bonds and greater allocations to inflation-linked bonds, as interest
rates approach their lower bounds and inflation risks grow in the medium term.
Neutral: Last 8 weeks
Bear Bias Week 1 (last week): Incorrect ~ SPX +3.26%
- Apple + Tesla split
- Sector Dispersion Increasing
- POSITIVE VACCINE SENTIMENT DRIVES STOCKS HIGHER
- FED TO ADJUST INFLATION TARGETING FRAMEWORK
- TREASURY YIELDS CLIMB
- NEGATIVE RETURNS FOR MUNIS
- ABE’S RESIGNATION UNLIKELY TO RESULT IN CHANGE IN POLICY
Best of luck next week,
- RH
and seeing the rally since March foster an "official" bull market.
The pandemic has sped up key structural trends and triggered substantial
market swings, precipitating an urgent need to rethink strategic asset allocations.
Among the big changes: We favor reduced exposure to nominal developed market
(DM) government bonds and greater allocations to inflation-linked bonds, as interest
rates approach their lower bounds and inflation risks grow in the medium term.
Neutral: Last 8 weeks
Bear Bias Week 1 (last week): Incorrect ~ SPX +3.26%
- Apple + Tesla split
- Sector Dispersion Increasing
- POSITIVE VACCINE SENTIMENT DRIVES STOCKS HIGHER
- FED TO ADJUST INFLATION TARGETING FRAMEWORK
- TREASURY YIELDS CLIMB
- NEGATIVE RETURNS FOR MUNIS
- ABE’S RESIGNATION UNLIKELY TO RESULT IN CHANGE IN POLICY
Best of luck next week,
- RH
评论:
Quite the reversal today..