Wednesday’s Market Minute: How Will The Party End?

By some definitions, stocks are on the biggest tear of this bull market yet. Take out the energy sector and the year-over-year change in the S&P 500 is the biggest since the very beginning of the rally, when the global economy was exiting the great financial crisis, according to the bears at Crescat Capital. Forward valuations in the Nasdaq have surpassed their frothy peak of Jan. 2018, and the relative strength of the S&P 500 is hanging out around levels unseen since then.

The number of companies trading above their 200-day moving average is also at the highest …

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