Note: This will be our last formal weekly of the year. We’ll be traveling next week and then the holidays roll around. We’ll continue with our daily updates through Christmas.
Bigger Picture - Where do we stand heading into December?
More outperformance from small/mid caps and unloved/highly shorted names as lower yields and the soft landing narrative continue to take hold allowing investors to move further out the risk curve. Earlier this week, I shifted my view to a temporary “wait and see” stance given the rotation out of large cap, but seems like that was just a temporary/healthy pullback. Since then, the price action has continued to be very positive in Tech and I find it hard to find the backdrop anything but constructive. We are entering one of the seasonally strongest parts of the year, and sentiment has slightly ticked down from the previous week:
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