Really concerned about consumer spending in Q4, says Vios Advisors' Michael Bapis

Market Sentiment - There is cautious optimism in the markets despite recent volatility, with a notable battle between consumer spending and sentiment [2][4] - Strong equity markets are being driven by reasonable earnings and good job numbers, indicating a shift from caution to more aggressive market behavior [3][5] Economic Indicators - Concerns exist regarding consumer spending during the holiday season, which is critical as it constitutes roughly two-thirds of GDP [4] - The S&P 500 has recovered from previous losses, indicating a psychological wobble rather than a fundamental market issue [5][6] Sector Performance - The market is currently influenced by a K-shaped economy, where asset price levels and corporate prosperity are sustaining market performance [5] - Technology, particularly driven by AI, is a significant factor in market dynamics, with companies continuing to invest in this sector [7][8]