The combination of better-than-expected Q4/19 EPS, strong credit, and an easy Fed makes it hard to be overly negative, while the still overbought tactical condition and unknown macro impact from the spreading coronavirus makes it difficult to be too positive. Indeed, these crosscurrents reinforce our decision to move to a neutral market and sector position on 01/20, and since we have no way to qualify the coronavirus and are waiting for a better tactical entry point, it seems a good time to review Q4/19 EPS results and the status of our key tactical indicators.
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