• Strength: The Fed's tone is changing
• Weakness: Tech wreck
• Opportunity: Ride the rotation
• Threat: Snowballing negative sentiment

Strength: interest rate pressure might be subsiding. Weakness: risk to earnings forecasts. Opportunity: companies that disproportionately benefit from lower rates. Threat: a rotation away from market cap heavy names.

Modest progress toward inflation targets for strength but weakness with cracks in the credit armor. Opportunity exists with cheap protection but economic roadburn and politics are weaknesses.

Our strength is continued US exceptionalism while concentration risks in the economy present weakness. Opportunity exists by not extrapolating the downward trend in momentum towards something else while momentum crashes present a threat.

Nvidia (and chips) are strong while consumers are feeling pinched. There is opportunity with the acceleration of earnings but a threat remains if the Fed acts too little, too late.

Back on track for inflation but lingering weakness in transportation names. Opportunity with quality growth (and AI has legs!) but complacency in the Magnificent Seven.

Interest and dividends are helping retirees but higher rates may eventually bite. There are opportunities in infrastructure and utilities with AI but geopolitical risk is coming back.

Strength: Average stock is better than the index. Weakness: Auction anxiety is back. Opportunity: Oversold interest rate sensitives are good for a trade. Weakness: Growth cools faster than inflation.