Ruperner, head of stock and stock derivatives strategy at Castle Securities, said that with the midterm elections removing a major source of uncertainty, US stocks are ready for a rebound at the end of the year. The direction of least resistance in US stocks before the end of the year is upward. The reason is that current positions are light, corporate stock repurchases have restarted, and the historically favorable seasonal pattern after the midterm elections. Retail investors have been net buying US stocks for 22 consecutive trading days, and systemic funds may also provide another major source of support, as the US stock positions of such funds have fallen to their lowest level since March 31.

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