US MARKET INTELLIGENCE | MORNING BRIEFING

研报英文原文证据摘录

US MARKET INTELLIGENCE | MORNING BRIEFING

hedges from other parts of Tech or factor hedges such as Beta / Momentum. Regarding Cyclicals, a

combination of Airlines, Banks, Homebuilders, Retailers, and Transports; we would avoid Autos given

USMCA risk. In Healthcare, we like broad-based exposure across the sector including Biotech,

MedTech, and Pharma. Internationally, we Korea, parts of Latam, and Taiwan and would consider

hedging with Indian Equities. For book hedges, consider SPX puts with July expiry.

• DELTA-ONE TRADE IDEAS (Manish Sinha, June 26) – (i) Short Beta (JPBPURE Index) and

Momentum (JPMPURE Index) factors to hedge alpha dispersion risk and to play tightening financial

conditions. (ii) Short Residual Vol aka ResVol (JPRVPURE Index) to hedge a hawkish Fed and

worsening liquidity; (iii) Short Low Profitability Crowding (JPLPCRW2 Index) as a crowding hedge for

AI-heavy exposure; (iv) +Long Dispersion Laggards (JPDISPL Index) vs. -Short Dispersion Winners

(JPDISPW Index) to play a dispersion reversal.

• OLD MONETIZATION MENU (JUNE 23) – Unchanged WoW, we would like to return to the Tech and

Cyclical barbell but stay nimble on the rate-sensitive or Hormuz reopening trades: stay long in the

global AI theme with heavier weight on US vs. Asia. We do think the initial “everything rally” should

benefit Airlines, Housing and Retail but historical patterns reflect that the rally could be short-lived and

more vulnerable to the shifting headline volatility. We like a tactical long in Financials into the July

earnings season and expect it to catch up with the broader Cyclicals, as strong fundamental growth

remains intact.

NEWS LINKS

• Supreme Court Opens Midterm Ad Floodgates, Giving GOP an Edge (BBG)

• US Job Openings Tick Up in Sign of Steady Labor Demand (BBG)