TIME (again) TO BUY SMALL-CAPS AND SELL NASDAQ

The 'tourist takes another shot at this trade, but this time he has the Fed and seasonality on his side

In my previous post, I mentioned how the Fed’s willingness to let financial conditions run hot means that there will likely be new leadership. Stocks that previously outperformed because they were better able to withstand the hawkish Fed (MAG7), would cede the top of the leaderboard to stocks that had been punished (value and small-cap stocks).

It turns …