Earnings are NOT the Main Reason for this Rally

In this week's edition, we discuss why the current rally in the stock market is being fueled more by excess liquidity than positive earnings growth.  The earnings growth IS good, but it's also isolated to just a handful of stocks.  We also highlight several stocks and groups which should takeover the leadership role in this rally...from some of the high flying tech names that have become extremely expensive and extremely overbought.   We also discuss an area of the credit market (which is not private credit) which is showing signs of stress...and could create problems for the the rally in the coming weeks.