Keith Lerner argues the recent market action is a healthy rotation, not short covering. Tech remains a core long-term position, but money is rotating into financials, small caps, and industrials. Lower oil and a resilient economy support the broadening trade. He expects the Fed to be more dovish than the market prices, and sees no rate hike this year.
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Metals
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Truist
7.0
Commercial Bank
Keith Lerner 7.5
Commercial Bank
Keith Lerner 7.5
6/16/2026 6:55:39 PM
ndx
Lerner sees tech as a core long-term position but expects near-term rotation out of mega-cap tech into other areas. He views the corrective move in tech as healthy, implying a cautious but not bearish outlook.
rut
Small caps at new highs... small cap tech is up 50%.
wti
Lerner cites lower oil as a positive for the economy and inflation expectations, and expects it to help yields come down.
yields
Lerner expects Warsh to be more dovish, which could help yields come down alongside oil. He sees the market pricing in a rate hike as unlikely, implying a downward bias on yields.
