“I’ma Need Some Whiskey Glasses…Cause I don’t wanna see the truth…” That may be because the truth is being completely warped by the quite visible hand of the Powell print. And the Trump Administration (a cool $1 trillion anyone?!). And economic data, which seems to be about as misleading as they come. How is it possible that retail sales are up so much M/M?! Recall they came from a very low base -- down 16% in April meant a snapback was not expected and unsurprising. Also, people are possibly now spending their government signed checks, which could be a one-time event. However, skepticism is running rampant in regards to what is formerly known as “the market,” which is leaving fund managers in the latest BofA survey asking how far is too far. 78% of the managers surveyed see the stock market as "overvalued."
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