- US is in Quad 2
- While Deep Seek may be bearish Nvidia, overall growth including ETFs for space and quantum computing are bullish
- There is a rotation into mid and small-cap growth names
- Bullish consumer discretionary, bearish consumer staples, particularly because of RFK Jr
- Bearish housing on immigration pullback
- Bearish long-term treasuries on rate steepener, but bullish high yield on tightening credit spreads