- Despite the S&P 500 sitting only 2% below its high, breadth and valuations have weakened; Wilson sees the months-long internal correction nearing its final stages.
- A 10% earnings-revision gap between high- and low-quality stocks supports favoring durable earnings; historically, top-quintile gaps preceded 7.5% annual outperformance for quality names.
- With third-quarter S&P 500 profit growth estimated at 24.6%, Wilson advises adding risk into a rapid rebound or further decline toward November—not treating weakness as an immediate all-clear.
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