Daily Charts - November has historically been one of the best months

1.November has historically been one of the best months of the year for the stockmarket*

(albeit *mileage may vary!) $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2412(ESmain)$

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2.Despite all the noise about new tech/internet/software stocks, there’s still a lot of old boring companies keeping the lights on for the rest of the economy...

(but then again, think about e.g. $IBM(IBM)$ it’s 113 years old! and even $Microsoft(MSFT)$ is 49)

Digital disruption is cool and everything, but never underestimate the importance of scale (and inertia/incumbency).

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3.Topdown foreword:

October brought an end to a multi-month streak of just about every assetclass gaining, to this month just about every asset falling. The rise in bond yields highlights thecomplex path for policy makers as they pull back on previous tightening, while the stumble in riskassets speaks to the pockets of excess bullish sentiment and expensive valuations.

With relativeand absolute value in bonds, commodities, and global ex-US equities, it's a case of being selectiveand thouahtfiul in asset allocation, and smart diversification (diversifving diversifiers) as wenavigate the opposite edge risks of reacceleration and resurgence vs recession and deflation.