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Timmer Report: Midyear stock market outlook
- While the market as a whole has made gains this year, a small number of mega-cap stocks have been the main drivers of those gains.
- That looks inconsistent with the idea that we're in a new bull market, since early bulls tend to be characterized by broad-based gains and rising small caps (which we haven't seen).
- That said, earnings have continued to prove surprisingly resilient.
- With each decent earnings season we see, it becomes less likely that the market takes another leg down (and more likely that we're already in the start of a bull market).
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