If only the news cycle would cooperate, the technical picture is pretty clear: a breakout and a backtest. But, Wall Street has sold investors on the narrative that the new administration’s policies are responsible for the huge run up in prices since Nov 9. And, now, stocks are burdened by the fact that those policies seem stuck in the bog.
The only real solution, of course, is to change the narrative. As Bush II liked to say, sometimes you have to catapult the propaganda in order for “the truth to sink in.” In this case, I suspect that means going back to the Trumpflation argument.
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