‘Extremely Stretched’ (But Bullish Nonetheless)

‘Extremely Stretched’ (But Bullish Nonetheless)

I recently spoke of "undeterred" investors. Despite the tumult catalyzed by volatility in rates, market participants continued to pour money into equity funds over the past several weeks. While the breakdown suggested a tilt towards cyclical value (a "go-with-it" lean as investors favor equities expressions poised to benefit in the type of economic environment that bond yields appear to be anticipating), you can probably thank simple dip-buying too. I've been over this before in these pages. Y
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