Playing With Fire
Everyone loves a bullish narrative...
No matter how you slice and dice it, one thing is clear — the reflexive market rally that began last October (and ended this past August) never had much in the way of fundamental underpinnings.
Momentum, yes. Technical picture, yes. Sentiment and emotion, yes. Fundamentals and valuations, sorry, no. And this is why we never bit despite all the external p…
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