Just Following The Playbook.
The stock market playbook is being followed exactly as we would expect and in the way that I have been banging on about in my recent weekly reports. The plain fact is that, around 4500, the S&P 500 index is priced for near-term perfection with zero room for any kind of disappointments, meaning that even the most modest of negatives (an uptick in market interest rates, some lackluster earnings, a less impressive economic report) or simply news or data that isn’t constantly positive, can cause market choppiness and sometimes significant pullbacks - not because the news is that bad in an…
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