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What we have now is a classic technical rally where the market has blown through any remaining levels of resistance and is now free to run for a while. Trend traders are forgetting all about any fundamentals at this point and going all in for what thus far has been a profitable ride since November.

The only thing that’s going to slow this market down now in the near term is some kind of geopolitical or inflationary shock that shows up in the data. Neither can be ruled out.

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