Weekly Market Notes - April 15, 2019

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Includes: BBSA, BIBL, BIL, CHGX, CLTL, CRF, DDM, DFVL, DFVS, DIA, DLBL-OLD, DLBS, DMRL, DOG, DTUL, DTUS, DTYL, DTYS, DUSA, DXD, EDOW, EDV, EEH, EGF, EPS, EQL, ESGL, FEX, FIBR, FWDD, GBIL, GOVT, GSEW, GSY, HUSV, HYDD, IEF, IEI, ITE, IVV, IWL, IWM, JHML, JKD, OMFS, OPER, OTPIX, PLW, PMOM, PPLC, PSQ, PST, QID, QLD, QQEW, QQQ, QQQE, QQXT, RISE, RSP, RVRS, RWM, RYARX, RYRSX, SCAP, SCHO, SCHR, SCHX, SDOW, SDS, SFLA, SFY, SH, SHV, SHY, SMLL, SPDN, SPLX, SPSM, SPTL, SPTS, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TAPR, TBF, TBT, TBX, TLH, TLT, TMF, TMV, TNA, TQQQ, TTT, TUZ, TWM, TYBS, TYD, TYNS, TYO, TZA, UBT, UDOW, UDPIX, UPRO, URTY, USA, USMC, UST, USTB, UWM, VFINX, VGIT, VGLT, VGSH, VOO, VTWO, VUSTX, VV, ZF, ZROZ
by: Robert W. Baird & Co.
Summary

The rally toward September highs on the S&P 500 has been impressive, but at this point the weight of the evidence remains neutral.

Investor bullishness has accompanied the latest rise in equity prices, and sentiment could be on the cusp of moving from elevated to excessive optimism.

From a macro perspective, recession fears are overblown, and while the Fed may be on the sidelines right now, we still think the next move will be higher, not lower.