There has been nothing in either the tactical or fundamental data to suggest we take a different approach from our current plan. The market continues to be in an extreme overbought condition that indicates the recent gains could be temporarily given back, while the fundamental backdrop driven by our core thesis and EPS suggest buying any meaningful weakness. Our favorable intermediate-term view is driven by low inflation, accessible credit, positive economic activity, improving EPS and slightly higher valuations. Despite the longest economic expansion in modern history, there has yet to be broad enough deterioration in the fundamental backdrop to warrant anything more than a 5-10% tactical pullback.

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