Disneyland (Shanghai) open, Fantasyland next? – There’s a growing chorus that many bulls already reside in this hypothetical amusement park. Yesterday a prominent US IB said stocks are due for an 18% pullback, today another says the bullish case for US stocks “left us about six weeks ago” and the always colorful (yet generally bearish) David Rosenberg said the United States is in the midst of the Great Repression – the commentary didn’t improve from there. Want something for the bull crowd? After GDP declines similar to what we saw in Q1, historically we’ve seen the S&P go better (see below)…we trade modestly in the red today as the market digests another historic albeit expected data point (consumer prices).
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