JUSA - Frustrating Not Fatal; Cyclical Flows Significant; Watching China - Market Strategy Weekly - September 17 2021

• The language being using to describe this market is "frustrating, but not fatal." The headline indexes have continued to grind higher, but this is a market that has been correcting, consolidating, and churning under the surface for most of the summer.
• The idea of an economic “growth scare” is now very consensus, and it’s reflected in investor positioning. We’ve seen substantial outflows from economically sensitive sectors - Financials, Materials, Energy, etc. - lately, reversing a trend of heavy inflows earlier this year.
• Strategas’ Head of Technical Strategy Chris Verrone takes us through a grab-bag of topical market items, including his view on the current market set-up, what he thinks is especially timely right now, and a few items that you may not know (but he thinks you should).

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