Wilson Upgrades Cyclicals As Bonds Say Jobs Report Not One-Off

The red-hot September jobs report was a game-changer in at least one respect: It compelled one of Wall Street's most well-known equity strategists to upgrade Cyclicals. In a Monday note, stalwart "bear" (with the scare quotes to denote that he's not always overtly bearish, contrary to popular belief) Mike Wilson said quality cyclicals are the place to be. After reiterating that a strongly positive rates-equity correlation clearly evidences a "good news is good news" macro-market regime, Wilson