What to watch heading into 2022.

The S&P uptrend remains intact, while the short-term weakness in the dollar helps bid cyclicals. The “risk-on” assets like Bitcoin and tech stocks are the support beam for this fabricated market.

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S&P 500: Trend is still your friend

Bottom line:

• The inflation headline narrative is an overcrowded trade.

  • Energy and commodities are rolling over, while autos have already peaked and bond yields are falling at 1.5%.

• Dollar strength remains a headwind for commodities/yields/inflation/cyclicals, but a tailwind…