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An ex-Wall Street chief strategist lambasts 3 a??nonsensical narrativesa?? he says are pushing stocks to dangerous heights a?? and warns that the current rally is unsustainable

An ex-Wall Street chief strategist lambasts 3 a??nonsensical narrativesa?? he says are pushing stocks to dangerous heights a?? and warns that the current rally is unsustainable


HENNY RAY ABRAMS/AFP/Getty Images




The stock market has rallied in October despite ongoing uncertainty on a number of fronts.




To Peter Cecchini, the rise is being driven by three "flimsy" narratives — and investors should be careful.




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Despite ongoing uncertainty on a number of fronts a?? and a sharp September sell-off a?? markets seem to have found their stride in October.For example, markets had long feared the prospect of a Joe Biden presidency because of the former vice president's plans for increased taxes and the fundamental threat his party poses to a number of industries, like energy and health insurance. But that narrative seems to have changed in recent weeks. Investment banks like Goldman Sachs, UBS and Barclays have all published notes touting the boost to markets a Biden presidency would bring a?? one reason being the heightened likelihood of a more robust stimulus package being passed under Democratic leadership than is likely with Republicans in power.
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