Swinging Stocks

With small investors still largely on the sidelines, bond prices continuing to slide as interest rates rise, the number of large corporate stock buybacks declining, gold prices falling and corporate earnings expected to improve, I expect a rise in the S&P 500 of 7% to 10% this year. While P/E ratios are elevated compared to historical averages, because interest rates are way below average, P/E multiples are not excessive.

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