This superbull at JPMorgan who called the summer rally sees a soft landing ahead. Here's his advice on stocks and oil.

A fifth-straight win could be on the cards for stocks Tuesday, but the market must first face down August CPI numbers.

Economists see inflation slowing to 8% from 8.5%, though not likely altering a 75-basis-point Fed hik this month. Still, if it looks anything like a peak for CPI, you’ll want to consult our chart of the day below. Among those assets, JPM is keeping an “aggressive overweight” in commodities and commodity-sensitive assets, due to a supercycle thesis and to hedge for inflation and geopolitical risks.

Unlike energy, “defensive industries have outperformed on multiple expansion and are trading at near record premium vs. the market,” said the strategist who adds that central bank tightening and labor resiliency may keep rates higher for longer, capping multiples for long-duration growth and tech. The buzz Ahead of crucial CPI data, the latest small-business sentiment index showed a rise in confidence. The Federal budget is due later.

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