• Stocks bounced last week as this correction remains on track to be a three- to four-month event
  • The pickup in stock market volume during last week’s bounce is a positive
  • As result of the equity bounce, the annual December corporate bond issuance surge started a week ahead of schedule, which should lead to more stock buybacks designed to boost share prices.
  • The path of the S&P’s VWAP will help determine how aggressively buyback desks deploy their capital in an effort to take stocks back to and through prior highs

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