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Market valuations are elevated, but that does not make markets go down. The only thing that can stop this market now is a lack of liquidity and the Fed withdrawing support.
The Fed has already enacted the reverse repo, which has drained $1 trillion out of markets. That’s the start.
The jobs report last week was very good. Good news will soon become bad news, as the better the unemployment situation gets, the more pressure on the Fed to taper their support. Their support is what is feeding the market’s ascent.