Market Sentiment Becomes Excessively Optimistic

What a way to start the new year! After meandering sideways for a couple of weeks at the close of 2017, as investors digested the impact of tax reform and in the face of year-end repositioning, stocks came roaring out of the gate in the first week of trading in the new year. The S&P 500 rose 2.6 percent in the holiday- shortened week, its best performance in over a year. The results were clearly a vote of confidence in the economy, as no fewer than five sectors gained more than 3 percent, led by energy, materials and technology, but also including consumer discretionary and healthcare. The laggards were utilities and REITs, both falling more than 2 percent. …read more

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