Upside participation has narrowed at the stock level over the past two months, and we think there is elevated risk of rotation/correction. That said, Tech Sector momentum remains the motive force for the bull trend and we are seeing FOMO buying even on shallow pullbacks in AI names. We enter November bar-belling long Tech exposure with more low vol. allocation than we had previously and we're short consumer facing exposures.

We're expecting some backing and filling in September after investors spent April - August pricing in bullish scenarios on global trade resolution. A dovish Fed is another potential catalyst for rotation.

Overbought conditions are a tactical concern, but present trends remain constructive for US equities, and we think the path of least resistance for equities remains higher over the intermediate-term.

Set up for equities remains bullish heading into July, and we've aligned our portfolio with historical upside exposures at the sector level