WS likes to switch to oil and gold when spy has difficulties-see 2019. In 2018, SPY fell -20%.

All can go up this year BUT SPY will not be the priority.

Except for bear markets and recessions, I prefer it when Fed is in ‘inflation fighting’ mode.

Payrolls will not be a priority this year like the previous 2 years.

Oil can rise from Jan-Apr before Fed stops it.