• 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

surfmacro