We have gone from full on panic in equities and max fear to “Santa Claus Rally and 7000 SPX!” In two weeks. What looked like an AI Capex freakout was really a rotation out of OpenAI and into GOOG. Many retailer results have been excellent in the meantime with Kohl’s, Ulta, Abercrombie and Fitch, Dollar General and a litany of other consumer-focused stocks delivering upbeat outlooks. The S&P 500 is suddenly zipping higher just short of the all-time highs as the Fed is priced for another cut and everything is awesome. The Fed story was temporarily a weird one as the market briefly took out the December cut, despite the ... (full story)