Highlights
- If there is some sort of deficit/tariff driven catastrophe looming in 2025, the market sure hasn't gotten the message.
- What has been working since the election sure looks favorable for the bulls, and what has been lagging looks to be non-threatening.
- Cyclicals and growth are in the lead, while defensives and inflation sensitives are falling behind.
- For now, with conditions healthy and improving at the margin, we want to remain fully invested, using oversold conditions to upgrade our holdings. . .
