The S&P 500 (SPX) is up 23% for the year and 3.7% for the current quarter, which we believe discounts a less-negative economic and EPS view as we enter the end of the year. Our core thesis remains positive with low inflation, an easy Fed, a re-steepening of the yield curve, slowing but positive growth, better-than-expected EPS, and valuation expansion, although the tactical backdrop suggests a minor correction over the near-term.

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