Today in the podcast, we update our outlook for the S&P 500 and several key positioning trades. The big things you need to know: First, we’ve made another cut to our YE 2022 S&P 500 price target to 4,200 from 4,700 and have lowered our S&P 500 EPS forecasts to $214 for 2022 and $212 for 2023. Second, looking into the back half of the year, the midterm election could be a positive catalyst for stocks and help stocks find a bottom, if one hasn’t been established already. (3) In terms of positioning, we continue to prefer US equities over non-US equities and Growth over Value. Meanwhile, our conviction level on Small Caps has strengthened and we are now going overweight Small Cap.