





This has been a spectacular bull market, notwithstanding the recent sell-off in the semiconductor trade. Stocks pushed higher this year despite geopolitical tensions, rising energy prices, and a steady stream of prognostications that the rally had been nearing its end.
What are the ingredients that typically end bull markets?
- Significant earnings misses
- Falling revisions
- Tightening liquidity
- Restrictive monetary policy
- Armed conflict
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