In today’s briefing:
- Upgrading Communications, Downgrading Staples – Both to Market Weight; US Dollar Major Top
Upgrading Communications, Downgrading Staples – Both to Market Weight; US Dollar Major Top
- In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.
- We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.
- After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.
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