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Stk Mkt ‘Going Nowhere” a Prelude to Next Rally Leg

September 20, 2019
Stk Mkt ‘Going Nowhere” a Prelude to Next Rally Leg

One of the more common skeptical comments I hear is that “stocks have gone nowhere for 18 months (and things are getting worse).” This is a relatively intuitive statement, as Standard & Poor’s 500 index has basically hovered near all-time highs in that period, but it has not managed a breakout, despite a pretty nice gain since start of 2019.

The natural question investors wonder about is whether plateauing/flat stock markets are a sign of a major market top or of a “pause that refreshes.” In my view, the investor consensus generally takes a negative view on flat markets—that it is a bearish signal. Therefore, go the bears, it looks like Mr. Market is “ringing the bell at the top.”

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