Hi traders, the S&P 500 surged 4.4% last week, the strongest weekly hike in the past five years. The market has cut close to 50% of the recent pullback and is now only 5% below all time high. Is there a fundamental justification for this? No, especially when terrible inflation numbers were published, but you have to be stupid to argue with the market. As I mentioned last week, I am expecting new highs, so in the near term I expect further gains. Note – a short trading week in light of Presidents’ Day on Monday.
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