The S&P 500 has advanced about 7.5% this year but was still down by 16% over the past 12 months.
"On the defensiveness point, our work suggests that Tech is actually more pro-cyclical and bottoms coincidently with the broader market in bear markets," Wilson wrote.
What blistering rally? Blistering will come inflation is settling. Petroleum production is reduced as demand has reduced they say. Wonderful if they kept pumping of course, they argue its leveling.
Why 'won't last'? Tech companies prepare to decouple from China. This will lead to stronger US and Europe tech partnership.
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