Brace For A "Much More Meaningful Test" Of The Fundamental Backdrop; Citadel Securities Chief Equity Strategist Warns

In his last note, October: The Q4 Reload, Citadel Securities chief equity/derivatives strategist, Scott Rubner, focused on the reset in valuations and positioning, and the potential return of several of the market’s largest buyers.

Since then, retail buying has accelerated despite below-average volumes, equal weight has begun to recover from extreme relative lows, and single-stock volatility has continued to outperform an increasingly quiet index.

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