Branch: The dollar's strength is temporary

Market Momentum Shift - Investors are moving away from AI investments due to valuation concerns, with healthcare emerging as the best-performing sector, typically viewed as defensive [1] - The cyclical recovery, supported by monetary and fiscal stimulus, is leading to earnings growth in cyclical sectors, making them more attractive compared to AI and cloud sectors [2] Currency and Asset Performance - The US dollar has increased over 3% since its low on September 17, while Bitcoin and gold have seen declines after peaking on October 6 and October 20 respectively [3] - The strength of the dollar is considered temporary, with ongoing pressures expected to weaken it in the future [4][5] Economic Outlook - Despite recent dollar strength, it remains down approximately 9% year-to-date, with structural factors suggesting continued pressure on the dollar [7] - The cyclical recovery is anticipated to continue, with expectations of further interest rate reductions, which could support earnings growth in sectors outside of technology [10][11] Investment Strategy - A selective approach to buying the dip is recommended, focusing on sectors such as financials, healthcare, and energy that are expected to benefit from the cyclical recovery and a weakening dollar [9][12]