Doomed By A False Sense Of Security

“I’ve got nothing to worry about today” say the stock market bulls. Although the S&P 500 Index is still down more than -6% from its late January highs more than three months ago, the bulls remain cocksure. Among the most commonly cited reasons are the following. First, we are not operating at extremes today. Second, corporate earnings growth is not only strong but accelerating. Third, valuations remain reasonable. But are any of these good reasons for reassurance? Are they even valid?

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