what are the bulls saying?  the soft landing hypothesis — which has felt like such a narrow outcome — is more or less taking shape: inflation has peaked (if tentatively) and underlying growth is durable (if below trend).  said another way: the data set of the past few weeks has featured less �stag� and less �flation.�  when coupled with a conspicuous absence of length held by the discretionary trading community, and local demand from non-discretionary funds, you have enough bullish ammo to grind higher.  also, M&A is totally respectable, if booming 
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