It has been a good week for stocks and an even better week for investors to harvest profits following a six-day rally that saw the market hold a key technical level, invite fresh buying and spark the shorts to cover.
All in all, the bullish camp is doing its level best to win back the narrative from the bears that have touted â??peak earnings,â?ť the threat of stagflation and slowing growth in Europe, all of which are overblown. Those bearish concerns seem to be a byproduct of a left-leaning financial media community that reports unfavorably about President Trump and his policies.
Most investors are unaware of the power of the financial media to influence market sentiment at the professional level, where most of the marketâ??s total assets are invested and traded. Mixing politics and finance once was considered irresponsible reporting, but not today. There is an ongoing effort to undermine the bullish narrative that embraces tax reform, a de-leveraging of the Fedâ??s balance sheet, a stable dollar, fair trade with China and Europe, a resurgent domestic energy market and efforts to roll back overzealous government regulations on small- to medium-sized businesses.
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