Last week, I wrote: “The bulls definitely had the upper hand as the trade war waned and hard economics showed the economy held up: the US stock market is clearly not pricing in a recession and shows that businesses have been able to cope with intense headwinds, which is why I altered my own view on the trading range for the S&P 500 to 5500 and 6000 three weeks ago from a previous forecast of 5300 and 5600; and if I’m right on this one, the rally is due for a pause. Thus I think that the best thing investors can do right now is to sit tight and hold their ground because odds of a recession might be lower, but still are elevated, perhaps lightly adding to their preferred positions during dips to lower their cost averages.”
A Macro Market View by Hubert Marleau
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