Weekend Insights

Interest rates/yields are merely rising back to their natural levels after being artificially low for a long time. Thus, they're going to remain higher than most investors realize.

In our opinion, the era of free money is behind us. Yes, the "Fed put" has returned, but we think it has been move further out-of-the-money recently.

Sept & Oct frequently provide some rough sailing for investors, BUT the “top” that develops before that rough sailing tends to come in August, not at the beginning of September. With this in mind, we are definitely concerned about the rise in long-term yields to new highs for the year.

The stock market continues to act great, but we're heading towards the dreaded Sept/Oct timeframe. Thus "rotation" and "contingency plans" will be essential

Given how overbought & overvalued the tech sector has become, any outperformance we get in the second half will come from some of the groups we’ve highlighted this weekend.