"The Fed has created a world where the best action may be to cash out; not buy high - and wait. You can’t squeeze water from rock. Wait for the rain."
As John Hussman simplifies in the following chart - valuations matter (in the long-term - and that's the period we are constantly told to consider by the talking-heads and asset-getherers)
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From here, anything can happen in the short-term... but in the long-run - it's clear where we go.