Porter & Co.

We are now more than a year from the bear-market low of October 2022, and while the bull market isn’t exactly raging, stocks are still up more than 20%.  The markets, though, aren’t behaving as they usually do at the start of long-lasting bull markets. In some respects, the past year looks more like the

On Friday we said that in what may be a major reversal in sentiment (one which was subsequently echoed by both BofA’s Michael Hartnett and Goldman’s Tony Pasquariello), the “Fed blackout period begins after the close” just as the “buyback blackout ends.” So looking at this morning’s note from Goldman trader Michael Nocerino, we get