By now, most of you would have worked out that stock markets don’t go up in straight lines. You should also have learnt that when market indices put on over 10% in the space of two months, a pullback has to be on the cards.
Paul Rickard and myself have been saying as much in print, on TV and on radio and we’re basically in that phase now.
Saturday’s inauguration speech could have created another leg up, if the 45th President of the USA was more presidential and less populist. Alas, that’s a game that has worked for the electorate but it might be less acceptable for stock market smarties.