Your Monthly Guide to the Markets and Your Wealth

February 13, 2024 - Vol. LVII

New High, Old Narrative

"The surest test of discipline is its absence."

- Clara Barton

After a two-year swing, many indices are now reaching fresh all-time highs. Resilient economic growth, surging mega-cap technology stocks, and optimism surrounding peaking interest rates have catalyzed the move. Now widely discussed, these tailwinds have moved from unlikely to consensus. Can the fresh highs in the market be sustained by an aging narrative? What does history tell us about new highs, and how should investors be positioned for the next chapter? As always, we defer to our technical, fundamental, and macro disciplines to assess the risks and guide our outlook. Click to read the full February BakerAvenue Prudence Indicator (BAPI) commentary and view the market update video from BakerAvenue’s Chief Investment Officer, Doug Couden, CFA.

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