After Recession… Rotation

We remain concerned that the risk-reward for equities is limited above our end-of-the-year target of 5,500 for the S&P 500. There is seasonality to consider, as well as positioning and sentiment. As such, we are not necessarily bearish because a recession is certain. But, rather, that the upside to the AI mania is uncertain. Long term? The real bubble may be in America, broadly speaking. As such, more downside to USD could be ahead.