Market Direction Is For Amateurs

👓👓 BREAKING: S&P In A Range. UBS Upgrades Tech
The S&P 500 remains within a “range within a range” — the 4,400-4,600 band within the broader year-to-date range running from 4,800 down to 4,100
Tuesday’s Bank of America global fund manager survey shows depressed risk exposures reported by the big money
The Good News: Mean- reversion favors some recovery in coming months either from the stock or bond side, or both
UBS is upgrading tech, saying it has quality/defensive/pricing advantages at this point in a cycle
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