If you had to ask me what the bears got most wrong, it's pretty simple: Federal Reserve Chairman Jerome Powell's remarkable ability to divine the moment and do the right thing. This week, I will have confidence, again, in his decision-making and while anything he says can cause a hiccup in an admittedly overbought stock market, his non-magisterial presence will leave the bears grasping once again. We know there are so many reasons why this bull market has eluded so many. It's mysterious way of starting in October 2022, so long before a tightening cycle was (or is!) near ending. It's second wind, whipped into a frenzy of mega-cap tech buying, as scared bulls went for our equivalent of nation-states with better balance sheets. It's sudden broadening into health care, transports and financials just when we were told the bull was slain by its lack of breadth. |
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