Great work, as usual. We are largely in agreement, but differ a bit on how we arrive there.
We agree that the seasonal PNA will be near neutral or even positive in the mean, but I favor PNA more in the second half. You also favor the most wintry period in January, and I am more December. I would not be surprised if you have the better idea there, as I was torn on whether to favor Dec 15 to Jan 15, but ended up highlighting December, while acknowledging that the favorable pattern could linger into January. Caveat being that you aren't that hostile for SNE in December....we both agree that the mid atl will struggle early.
February will be terrible. Agreed. I mentioned some hope for March, but it is low confidence and did not bake in into the snowfall forecast.