“I am starting to have conversations regarding FOMU, fear of materially underperforming, this week heading into a positive trading window for the ‘US 60/40 portfolio.’”

 “As a reminder, households own 39% of the $78 trillion US equity market in cash equities and 65% inclusive of mutual funds and ETF’s. I would generally be running a lower short portfolio in this tape.”

 “The biggest equity owner, US civilian households, just chalked up a win vs. the bears. Watch inflows into SPY and QQQ next week.”

 “Time will tell whether it’s a one-off or part of a genuine cooldown in the labor market. Investors may have adjusted to the idea of the Fed waiting until September to cut interest rates, but that doesn’t mean they’re comfortable waiting indefinitely.”

 “Another 10% gain in the S&P 500 isn’t out of the question, at least statistically.”

 “We see a deceleration of growth... Central banks will be slow on the cutting of rates because they don't want to see a rise of inflation. The Fed will be patient; they’ll have the opportunity to cut once this year.”

 “If the economy is slowing, unemployment rising, inflation receding, and the Fed is expected to cut rates, there will be plenty of buyers for US Treasury notes and bonds... But make no mistake. When conditions change, prices can change too – and quickly!”