From the desk of Vance Howard:
Last week we witnessed the market sell off hard on Thursday and rally back even stronger on the PCE news, which was very encouraging. The markets are clearly in an uptrend and look strong, but with that said, they are looking a bit frothy. A pullback is warranted and probably near-term, but it should be shallow and short-lived. There is a tremendous amount of cash on the sidelines, and investors are way underinvested, which should create a nice base to work higher from.
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