If anyone ever wondered what the drives the market, the last few months has proven it is the perception of Fed policy. The Fed made policy and communication errors in 4Q/18 that caused a 20% market swoon, while a dovish pivot in early January caused a reflex rally that has erased a large part of the damage. If you agree the perception of a more dovish Fed is driving the market higher, then a bullish intermediate-term stance should still be in order given those issues that have kept investors fearful are the very things that should keep the Fed trending dovish.

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