“There’s more room for this to go, whether you look at strength from the first quarter or strength from the first half.”

 “When you look at individual sectors and companies, they navigate despite Washington. That’s why I say the market is more focused on the sectors as we move in closer and closer to the election.”

 “If you set up a portfolio that aligned with what you thought her policies would drive in terms of economic activity, you likely were on the wrong side of that trade. The same thing can happen this year.”

 “Oftentimes following a negative reversal you get a period of chop, or consolidation. If we look at the calendar right now, that makes the most sense to us with a huge week on the macro and micro front next week.”

 “We think a consolidation this week in the 5450-5600 range is likely before the next meaningful move occurs.”

 “Macro moderation is likely to be a headwind for ex-Tech EPS growth through the end of the year; we expect this to be offset by Big Tech continuing to surprise to the upside as it did in 1H.”

 “Recent US equity volatility should end up fairly contained. Major unwinds seem systematically/technically motivated rather than fundamental (crowded positioning among discretionary funds, systematic equity exposure was elevated, June-July rally was frothy/mostly multiple expansion, market implied probability of a September rate cut was already ~74% prior to June CPI).”

 “There could be more pain trade to go, but we see it as an opportunity to reset valuations as focus shifts to 2Q24 earnings.”