Despite the fact that more and more fund managers are seriously concerned about current stock market valuations, well as I am writing this article all three major stock market indices are at new record highs.
This week beginning today is a huge one for the stock market as a slew of earnings are expected.
In truth if valuations were driving this market stocks would be much lower today however, it’s the Fed.
The Federal Reserve's easy monetary policy is continuing to drive stocks, and valuations simply do not matter.
Despite this, I believe that traders and investors will be listening closely to forward guidance to justify current market valuations.
Is it possible that despite anything that this Teflon stock market will continue higher without any correction or pull back?
Sure it is, but this week the markets will be tested.
Happy trading!
Gregory Mannarino
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