After chopping wood for two long years, we think it is time to sit back and enjoy the fire as it gets started into 2024. We'll figure out the macro drivers later, but right now, the action we see since the Oct'23 lows is markedly different from the summer rally that failed in July. Being a "good" overbought, we should still see weakness, but it should be contained, and leadership should be bought. We also walk through the case for buying Disney here. . .
