The most obvious thing that will happen is that people will buy the Mag-7 stocks. People want a new narrative but these are the biggest, most liquid stocks and they're not even expensive.

Mag-7 is the essence of quality and will remain concentrated in 2026, similar to 2023-2024. Apple is up 40% since August 5th with price target increases.

I have no idea what's going to happen in the final three weeks of the year with liquidity coming out, lower volumes, inflation reading, Fed meeting, yields rising.

I'm on the other side - liquidity has come back to the market with shutdown ending, Treasury putting money in accounts, QT ending yesterday.

Areas starting to perform better are around consumer as pressure eases. Broadening out is picking up steam with expectation of stronger growth next year and better holiday spending.