That's our bet. Severity of rate increases ahead is still an open question though. If the stock market does not deflate under it's own weight, we'd have to believe that the Greenspan policy of gradualism in terms of bubble deflation will to be resumed. But that's it, just gradualism. In the meantime, we have virtually three months of uninterrupted monetary bliss ahead.
Equities have the potential to stay relatively afloat pre-election, all else being equal.
Maybe we are just being old-fashioned, but the higher interest rates ascend, the worse growth stocks appear on a discounted earnings or cash flow basis. Especially the tech issues promising to make a zillion dollars in the far distant future. Ultimately rates going too high upsets the whole apple cart, but money should logically flow to value in a higher rate environment. As you know, though, logic is also an ancient market concept discarded somewhere a few years back. Although they have had sand kicked in their eyes a few times this year, individual investors have not flinched.