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21 April 2021
2 min read

AM Notes: Storm before the calm

Risk appetite hasn't really picked up overnight...

Some say this is the end of the run and the top is already in this year for U.S. equities...

Maybe this turns out to be the right call, who knows? Forecasting the future is a tricky business...

But let's give it a crack anyway, starting with this chart:

If we get down into that zone (~20 points either side of 4000), I would be amazed if the dip didn't get bought...

There's plenty of narratives to suggest a correction is due: over-stretched positioning, front-running the seasonality of selling in May, taxes

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