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March 15, 2019

Equity markets are sending signals that suggest all is well and the economy is bouncing back, but the bond market and other defensive assets seem to disagree.

There has been an interesting confluence of market activity and data releases since the December 24, 2018 bottom in the S&P 500 index. The S&P 500 is up 10% YTD, but earnings estimates have generally declined, meaning stock multiples have generally expanded. Copyright 2019 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All...
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