The S&P500 gained another 0.7% last week and the market, once again, reached new highs as investors keep on “buying the rumors” of lower taxes and regulation.
Now that the market is very “expensive” and most of the news are out: Trump’s Congress speech, Snapchat IPO and Yellen who mentioned she expects three rate hikes this year, it is time to “Sell the news”. There is just one more news item left: the February employment report on Friday. Until then I expect a moderate pull-back, and afterward, more. Nothing dramatic.
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