The market is elevating higher and exhibiting a determination that is infectious. Once again, gains in the major indices are deceptive in the sense it is not broad based. Money keeps sloshing around and has found its way back to cyclical stocks.
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Over the last three months, growth has enjoyed outsized gains. Hot money is moving cash around, anticipating the seesawing back and forth continues.
The close will be compelling - I have expected at least one big down day this week, but the Street seems convinced Powell will not even begin to hint at tapering.
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