[PLUS] May Weight of the Evidence: Even with Tactical Risks, Cyclical Up-Trend Intact

Key Takeaway: The weight of the evidence remains tilted toward the opportunity side of the scale. The cyclical uptrend that emerged over the past year remains intact, supported by widespread financial liquidity and broad rally participation. The bullish cyclical perspective represented here is tempered by more muted longer-term expectations (due to elevated stock market valuations and record household equity exposure) and rising tactical risks. An unwinding in sentiment excesses could be felt most acutely in areas where the speculative fever was most rampant in recent months. 

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