Stocks started the week on the upside, and continued to march upward throughout the week, refusing to submit to the barrage of critics who claim that the market is overvalued and due for a sharp fall. Instead, the S&P 500 roared upward, registering a few new all-time highs, ending the week on a strong note. While I still expect that the market needs to take a short break to inhale all the stuff that is going on, not for lack of fundamentals but for technical momentum reasons, the recent rally was not due to valuation expansion but to earnings growth…
A Macro Market View by Hubert Marleau
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