TRND - Bulls Continue To Push Stocks Higher As Risk Rises

• On Wednesday, the market surged as Joe Biden got sworn in as the 46th President of the United States. Interestingly, it was a rotation from the reflation trade back into the "Old Guard" of the FANG stocks that led the way.
• The reality is that both a rise in the dollar, with higher yields, is likely to start attracting reserves from countries faced with economic weakness and negative-yielding debt. Such would quickly reverse the tailwinds that have supported the equity rally since March.
• With forward returns likely to be lower and more volatile than witnessed over the last decade, the need for a more conservative approach is rising.

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