Keith Lerner: Here's why this market deserves the benefit of the doubt

Market Outlook - The market rebounded due to reduced recession risks and a lower trade uncertainty index [2] - Corporate earnings have contributed to the market's resilience [2] - Earnings will be a key factor, with expectations of a somewhat positive earning season [3][4] - A period of consolidation may be needed after the recent market rally [4] - The market's reaction to earnings reports will be important [6] - The bull market has earned the benefit of the doubt, with an expected upward trend despite potential setbacks [7] Economic Factors - Fixed income team sees fair value in the 10-year Treasury yield around current levels [10] - Rising 30-year yields globally are being monitored [10] - The market has been resilient despite the Federal Reserve being on hold [11] - A rate cut in September is still likely, but earnings and technology are more important for the market [11][12] Investment Strategy - Overall allocations are aligned with long-term targets, not maximum bullishness [13] - Focus is on large-cap and growth stocks [15] - Maintaining high-quality fixed income and a positive stance on gold as hedges [15]