The environment is likely to stay volatile in both directions over coming days/weeks as we await the Georgia Senate runoff election.  The S&P 500 (SPX) is very little changed from where we first began calling for sloppy action on 11/11, and is in the process of working off the extreme overbought condition.  We continue to suggest holding existing positions given the strong macro backdrop for 2021 and beyond, but would wait for a better entry point to add new money into our favored areas (economic reopening theme.)

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