Ranges should hold as markets await the election. We stay in ACWI until volatility falls. Gold miners are cheap, real estate is rich.

There are signs that the AI trade is not dead yet. Still, with a crucial jobs report set to dictate the path of markets, we move into ACWI.

Powell gave the market a clear signal on rate cuts. NVDA didn't drive the rally to a new high, so shouldn't reverse it. We stay long.