Disagree. Sure, when everybody presses the 'risk on' button, micro's move up, sometimes for no good reason. And when the stock market starts moving higher, everyone presses the 'risk on' button. Its a chicken and egg thing that doesnt help much.
Down 2% on the S&P from an all timey high. 2%. No one's getting scared straight yet....with the exception of a few noodges who expect outperformance on a daily basis.
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