The Rally 6/30/23
Halftime Report
00:00
The Market's Reaction Function Has Changed
There are a lot more believers, so to speak today, than there have been over the last many months. The reaction function of the market has been different and I'm not sure that it's going to stay different. Investors shifted from if yields are down, tech is good; now if yields are up, tech isgood. They can't both be right. So the valuations at some point do have to be right-sized.
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