• Much like Nvidia did last week in response to some positive news, China’s stock market’s initial rally on positive news faded quickly last night.  It shows that the change we have seen over the past month from “buy every little dip”…to “sell the rallies”…is something that is not isolated to the U.S. stock market.
  • Just because the Fed injected some liquidity into the system last spring when the regional banking crisis erupted, it does not mean that we’re returning to the “free money” era that existed for much of the 15 years going into the end of 2021.  Therefore, investors cannot expect valuation levels to remain at elevated levels.
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