What’s Up?

(1) Compelling valuations abroad. Fundamentals, not so much. (2) Latest rounds of easing by the ECB and Fed should be good for EMEs. (3) Cyclical policy stimulus vs structural lead weights. (4) Europe is full of bad economic sentiment, negative economic surprises, and weak M-PMIs—though still a great place to visit. (5) M-PMIs above 50.0 in EMEs, below that in developed economies. (6) Best bargains in S&P 500 are in Financials and Health Care. (7) Hoping the bull market broadens. (8) Targeting 3500 for end of 2020. Discounting 2021. (9) Joe slices and dices Growth vs Value some more.