It seems like everyone loves the stock market these days. The S&P 500 is off to the races this year. Only a handful of years throughout history compare to the index’s 7.1% surge to kick off 2012.
Has everyone gone mad?
Cyclicals have led this year’s rally, with financials jumping 13%, materials surging 12% and tech stocks advancing 11%.
While the rally doesn’t look like its petering out anytime soon, Barry Knapp at Barclays Capital offers some reasons for caution.
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