Closing Bell Closing Bell: 11/26/25
Nov 26, 2025
Katie Stockton, founder of Fairlead Strategies and expert technical strategist, dives into key S&P and Russell levels while sharing her sector preferences. Brian Kirschman, a portfolio manager at CQG Partners, offers a thought-provoking perspective on the sustainability of AI-driven spending, questioning the durability of investments in this area. Together, they explore market recovery trends, technical analysis, and the implications of shifting investor sentiment, particularly related to retail and tech sectors.
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Episode notes
Beta Led Then Receded In Tech Rotation
- Non‑profitable tech led strongly into October and then fell sharply in November, highlighting beta-driven leadership.
- Continued leadership by low‑quality, beta stocks depends heavily on Fed dovishness.
AI Is A Cohort, Not A Single Winner
- AI is a mega‑trend with widespread spending, constrained power and silicon, and likely cohort movement over 12 months.
- Valuation sensitivity may matter less than execution and resource shortages.
Use Quality Bonds As Ballast
- Allocate to high‑quality fixed income with intermediate duration to add ballast and protect portfolios.
- Prefer treasuries or high‑quality corporates to benefit from attractive yields.