Raising Energy to a Neutral rating vs. Underweight for 2H 2025

Short-term trends remain bullish, and daily momentum gauges have hit overbought levels, while DeMark exhaustion could materialize as of mid-next week for SPY and QQQ. It’s bullish to see the degree of broad-based expansion in sector participation following a push to new all-time highs for SPX and QQQ, and DJIA and RSP could join in reaching new highs as of next week. Bond yields have started to lift this past week on better than ex...

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