Here’s a bull case: the Fed is done ... but, US growth has p...

Here’s a bull case: the Fed is done ... but, US growth has proven to be more durable than feared (e.g. 3.4% UER) ... and US mega cap tech is doing what it does better than anything else in the world.
Here’s a bear case: the Fed is not done (a reminder that core inflation is still 5.5%) ... the market is expensive ... single stock breadth has been poor ... and we still need to be on guard for continued aftershocks in the banks.
Pulling it together: if I strip things down to their base elements ... and to borrow the word choice of a colleague ... inflation is still too high for the market to break out ... but, growth is too resilient for the market to break down ... so that tradeoff leaves us on the see-saw for a while longer ... in which case, I want to remain in tactical mode (as distinct from investor mode) ... and stick with themes that pass the common sense test - Tony Pasquariello of Goldman