Mark Haefele is bullish on the S&P but even more bullish on the rally broadening out globally. He argues the positive impact from AI capex is 2x the negative impact from higher oil prices on global GDP. He does not see the Fed hiking anytime soon, as inflation is largely energy-driven and wage-price spirals are absent. He remains positive on gold due to de-dollarization concerns.

General Votel explains the extreme difficulty of getting energy through the Strait of Hormuz due to its narrow, shallow geography and Iranian dominance. He details that a full-scale escort mission would require 15-20 destroyers and limit other capabilities. He is skeptical of a quick deal due to a fundamental lack of trust between the US and Iran and major unresolved issues like enriched uranium and sanctions.

Frank Lee is bullish on Marvel Technology, upgrading it to Buy with a $300 price target. He sees Marvel as a key player in custom silicon and networking (optical transceivers) for AI data centers, benefiting from a massive diffusion of hyperscaler capex. He notes that memory prices (HBM) could double next year and that the AI cycle is infrastructure-driven, not consumer-driven, making it less price-elastic.

Ian Lyngen is focused on the risk of weakening real personal consumption as nominal wage gains lag headline inflation. He believes the Fed's most reasonable hawkish response is to delay rate cuts, not hike. He expects new Fed Chair Kevin Warsh to reduce forward guidance, which is implicitly hawkish and volatility-enhancing. He sees 10-30 year yields driven by global macro and expects breakevens to move lower.

Ed Yardeni is strongly bullish, coining the term 'FEMO' (Fabulous Earnings Momentum) to describe the market. He argues this is not a bubble driven by hype but by strong fundamentals. He believes the 'Roaring 2020s' scenario is intact, with productivity growth potentially reaching 3-4%, offsetting wage inflation. He sees the current oil spike as annoying but not leading to a wage-price spiral, and expects a deal with Iran to eventually be reached.