Rate cuts at record highs: In 20 out of the last 20 times that the Fed has cut rates with the S&P 500 at record highs, stocks ended higher 12 months later. In fact, the S&P 500 rallied an average of 13.9% over the next 12 months, according to Carson Research. However, in 11 out of the last 22 times that this has happened, stocks ended lower 1 month later. Near-term volatility will lead to long-term buying opportunities.(The Kobeissi Letter)