On Friday afternoon, we noted the current level of the market is a Natural place to rest. In my view, there has been two separate themes since the 03/23 low. The first was the mega-cap “stay-at-home” bull market that carried the S&P 500 (SPX) through the April 28-29th Fed meeting, and the second has been the “economic reopening” bull market. As we noted in our Macro note Friday, the move in the Value, Banks, Tanks (Industrials), and equal weighted Consumer Discretionary had been incredible:
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