Apr. 26 at 6:49 PM
Street targets are drifting higher, with 7,400 on the S&P implying multiple expansion that likely requires easier financial conditions and stable inflation prints.
I’m watching the rates complex and credit spreads: if long-end yields back off while HY remains firm, risk parity and vol-control flows can chase beta. But if term premium rises, upside gets capped quickly.
Positioning-wise, keep exposure diversified—utilities like
$DUK can hedge duration shocks, while
$NEM offers ballast if real yields roll over. Manage risk around CPI and refunding weeks.
