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Morning Notes

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Morning Notes — Narrative

Morning Notes — Narrative

Last week, we explained the importance of cyclical sector leadership for the health of any bull market. We noted that gains last week came on defensive sector leadership, which casts doubt on the sustainability of new highs. We wouldn’t add broad equity exposure until cyclical

Morning Notes — Global Growth

Morning Notes — Global Growth

The bullish narrative includes a number of strong tailwinds including: 1) reduced trade tensions; 2) ample monetary accommodation with major central banks sounding committed to low rates; 3) potential US earnings inflection based on Q4 results and; 4) signs of stabilizing global growth.