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From depression to euphoria

Nov 11, 2022

The market rebound yesterday on the back of softer-than-expected CPI data was truly impressive with Nasdaq up 7.4% and S&P 500 gaining 5.5%. While Mr Market may have gone from overly depressive to euphoric in a record time driven by algo’s and short covering, we also believe the CPI print was positive and could point towards peaking inflation. Markets were quick to re-adjust their expectations of future Fed Policy with a Fed pivot now expected early Q2 2023 at lower levels. On top, his morning there is news from the Chinese authorities about easing of Covid quarantine measures. The bulls have reason to cheer ( at least in the short run ).  We maintain our investments in quality value companies.

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