• The fact that the fundamentals are not improving in this expensive stock market doesn’t seem to matter to investors right now.  As long as the Fed has stopped raising rates and as long as earnings estimates are not falling off a cliff…seems to be enough.
  • This rally has been so “thin”…for so long…that many investors are starting to believe that it doesn’t matter anymore.  It has become a “boy who cried wolf” issue for many investors.
  • The November rally has been exactly like last year’s Nov rally, so it’s not out of the question that we could have a big reversal soon…just like we got in December last year.  If (repeat, IF) that happens, it will catch a lot of people offsides. 


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