Who Is Pushing the Stock Market?

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We turned bearish on the stock market rally near the end of August, as a result, we’ve missed out on the last leg of the rally from 1400 to 1450 in the S&P 500. The August highs presented us with a fundamental picture that was becoming increasingly bearish and combined with the European unrest, stepping aside seemed like the appropriate action. The primary analysis simply stated that the forward returns didn’t justify the added risk necessary to capture them.

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