It all makes sense as the story continues to develop and unfold. The charts have been screaming divergences for the past year and a half as stocks rose. Coincidentally? the entire move up as been price driven and not earnings; i.e. multiple expansion. No not coincidentally; fundamentals and technical work in harmony; supply and demand in an auction market. Lesson to be learned I suppose is for one to recognize when this disconnect begins to occur and let the greater fool take price higher; you being the one knowing the whole time that this time would come when fundamentals may begin to matter again.
Stay tuned to see the facts and data as this unfolds and we find the fair value.
Reminder
108.66 - April Low.
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