Tricks of the trade for a tricky momentum market

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Did the groundhog predict six more weeks of rally? (How about four?)

Markets go up when money sitting on the sidelines changes its mind so the shift from bearish to bullish by big bank strategists is certainly a boost to the current rally. If bank strategists are now bullish when they were bearish, it’s a reason, in itself, to think that this rally will run for a while yet. But I think the sense that is creeping into the market that the bad days of high volatility are over is premature.