An “Everything Rally” Despite Relentless U.S. Dollar Strength

The S&P 500 added +0.7% but did so on lower volume, which means conviction was weak

Highlights

• Chinese economy continues to slump (and to export deflation)

• Don’t get deked by light initial claims data

• Expanding aggregate supply signals disinflation ahead

• How to position in Financials as earnings season kicks off