The market just cannot put together really good back to back days, which serves as evidence suggesting we are still in the consolidation that began in early June. The strength in the S&P 500 (SPX), broad market, and economically sensitive sectors yesterday has thus far been given back today due to increased Covid-19 spreading fear and suggestion by the President to delay the election. Our game plan remains the same…until there is solid evidence of the equity market breaking out to the upside, we look to add exposure on weakness. The fundamental backdrop of historic excess liquidity and a synchronized turn off the bottom in the global economy keeps us wanting to embrace pullbacks as an intermediate-term opportunity rather than something to fear.
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