Are we in the midst of a new bull market in earnings cycle, especially for many of the lagging areas of the index. That was your call in mid-November. Is that a call you still stick to.Yeah. Well, good afternoon. First of all, I would say yes.I mean, you know, the story we actually started writing about in May of last year, which their mid-year update was exactly that. I think, you know, I think our view still remains out of consensus around this idea that Liberation Day marked the end of what we call a rol ...

Core Viewpoint - The market is currently experiencing a new earnings and economic cycle, with significant growth in various sectors, particularly those that have lagged in recent years [2][5]. Economic Cycle - The concept of "Liberation Day" is identified as a turning point that marked the end of a rolling recession, leading to a new economic cycle [2]. - The median stock in the Russell 3000 is now showing double-digit earnings growth year over year, a first in four years [4]. Sector Performance - Several sectors, including consumer goods, financials, and certain areas of technology, are beginning to show improvement after being stagnant for years [3]. - Despite overall volatility in the stock market, many sectors are performing well, indicating a divergence in performance across the market [7]. Market Dynamics - The S&P 500 has not shown significant movement this year, raising questions about what will drive it past the 7000 level [6]. - Two main factors are expected to influence market movement: uncertainty surrounding the AI capital expenditure cycle and the upcoming confirmation of a new Fed chair nominee, Kevin Warsh [8][9]. Future Outlook - The market is anticipated to face challenges in the short term due to the new Fed chair's confirmation process, but there is optimism for a strong second half of the year [10]. - The price target for the S&P 500 remains at 7000 by the end of the year [10].