This week in the podcast, ourlatest thoughts on economic expectations, sentiment, and valuations. The bigthings you need to know: First, the S&P 500 is still trading as though it’sexperiencing a growth scare, a framework that has been pointing to downside inthe S&P 500 to ~3,850. Current trends in economic forecasts continue tosupport the idea that this is the right way to think about how far stocksshould fall. Second, institutional investor sentiment has made significantprogress catching down to retail investor sentiment, with overall US equityfutures positioning among asset managers now below 2020 & Great FinancialCrisis lows, and getting close to 2011 and 2015/2016 lows – something thatmakes the case for a bottoming in stocks relatively soon if recession fears canbe kept at bay. Third, while valuations aren’t yet a reason to buy US equitieson their own, they are no longer a problem for the market as a whole.

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