Max Kettner — Chief Multi-Asset Strategist, HSBC (2 trade ideas)

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Date Ticker Direction Thesis Source
Feb 13, 2026 LONG Mag-7 stocks are trading at ~26.5x forward earnings, comparable to the Russell 2000 at ~24x. Valuation compression has occurred because prices stayed flat while earnings grew. The "fear trade" provides a buying opportunity in high-quality growth at reasonable valuations compared to historical premiums. Buy the dip in Big Tech; valuations are no longer stretched relative to the broader market. Regulatory headwinds or a hotter-than-expected CPI print. Bloomberg Markets
Trump Team Plans Metals Tariff Rollback; NASA...
Feb 13, 2026 LONG Tax reimbursements are hitting US households in February and April. Data shows the "lower end of the K-shaped economy" is ramping up consumption. This liquidity injection specifically benefits mass-market retail, homebuilders, and transport sectors. Rotate into cyclical consumer sectors that benefit from lower-income spending power. Persistent inflation eroding the real value of tax refunds. Bloomberg Markets
Trump Team Plans Metals Tariff Rollback; NASA...