US stock market rally "supported by sentiment and hype and hopefulness”

Author: Eamonn Sheridan | Category: News

This from Curmudgeon's Daily (official bear market press).

I jest.
Some comments on the surge in US stock prices, many of which are valid indeed. Via Reuters:
  • "This is probably one of the riskiest points you're ever going to see in the stock market," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "The price level here is not supported by fundamentals. It's supported by sentiment and hype and hopefulness about monetary policy." 
And:
  • A lot is riding on … U.S. President Donald Trump and China's president, Xi Jinping, are due to meet on the sidelines of the G20.
  • Investors are likely to embrace even the smallest sign of progress, said Mike Mullaney, director of global markets research at Boston Partners.
  • But "if something happens and breaks down, then all bets are off as far as risk is concerned. We go back to a risk-off trade because it brings this whole trade war back into the consideration of investors' minds," he said.
Link to Reuters here for more  

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