Merk Research: U.S. Equity Market Report February 2020

The permabears are apoplectic. Vitriol towards this market reached a new high along with the S&P 500.

The lack of build-up in margin debt relative to market cap suggests that speculative positioning is not indicative of a euphoric market.

What keeps me cautious on the medium to longer-term (roughly 1-5 year) outlook are the high equity market valuations.

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