We are in the middle of changing investor assumptions about the Fed’s easing path. Equities continue to perceive all of this as good news. The mood of equity investors isn’t euphoric. It is bulletproof.
There is no negative that equity investors are respecting, other than as lip service.
All trade issues are perceived as eventually being solved.
All economic weakness is perceived as being temporary.
All Fed actions are perceived as being enough to sustain the bull market.
I am not a fan.
See you tomorrow. -Mike
