๐ ๐ ๐ฎ๐ฌ๐ฎ๐ฑ ๐ผ๐๐๐น๐ผ๐ผ๐ธ in a nutshell:
๐ก I remain bullish on ๐ฒ๐พ๐๐ถ๐๐ถ๐ฒ๐ for 2025, although I think it will be a challenge to repeat the robust performance of 2023 and 2024, unless we go into bubble mode (which, by definition, would end badly).
๐ก ๐๐ฎ๐ฟ๐ป๐ถ๐ป๐ด๐ will have to carry the day in 2025, and I think they will. But this cyclical bull market is now in its third year, and the secular bull market is in its 15th, so we are in later innings.
๐ก I think the Fed may well be done cutting ๐ฟ๐ฎ๐๐ฒ๐ after its expected cut next week, or at least will be much closer to the end of rate cuts than the beginning, and I expect long yields to occasionally probe a 5-handle in 2025, interrupting the stock marketโs momentum (much like it did in the 1980โs).