Download our Head of Strategy Andrea Cicione's note "What if we were wrong"

What could make us change our mind earlier is of fundamental nature; we remain a seller of rallies

  • S&P 500 is further away from our below-2000 forecast on better C-19 data
  • But we were expecting bear-market rallies: we stick with our view
  • Valuations have cheapened, but long-term value remains questionable