Middle East MOU rumors and earnings boom tail drive market higher despite rate scare.
What changed
With more rumblings about a memorandum of understanding in the Middle East, the market continues to progress higher. The right tail of an earnings boom remains in force, while the left tail of another rate scare continues to lurk quietly in the background. When and how this melt-up will end and whether there will be a price to pay for all the beta that we are “over-earning” remains to be seen, but rebalancing into strength and maintaining balance through diversification remains as important as e — via @TimmerFidelity