Daily Note | December 19, 2023 | GDO Looks Compelling Here / Muni CEFs

The S&P 500 is nearing its record high and needs just 1% to reach it. Risk assets are in rally mode and has now baked in at least 3 rate cuts next year. The long-awaited pivot has arrived though I still think March may be a bit quick.

JP Morgan's Marko Kolanovic remains cautious on risky assets seeing some trouble ahead. He wrote:

"It has become consensus…