Defying Fundamentals

The stock market rally in recent weeks has been impressive. Since bottoming on February 11 at 1,810, the S&P 500 Index has bounced more than +10% higher over the past three weeks to close within a hair of the psychologically notable 2,000 mark. What is arguably the most extraordinary aspect of the recent stock advance has been the lack of fundamental support behind the rally. In fact, while stocks have been rising, fundamentals have been heading decisively in the opposite direction.

Please click on the link to read more of my article on Seeking Alpha.

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