Although we continue to believe the equity market is a bit ahead of itself and poised for a potential interruption to the upside, we still cannot find any issues with our positive fundamental core thesis driven by 1) an accommodative Fed, 2) solid corporate credit backdrop, 3) positive inflection in the global manufacturing data, and 4) a buoyant U.S. economy. Over the past week, these four reasons for optimism heading toward our front-end loaded 2020 S&P 500 (SPX) target of 3350 have only been reinforced:
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