S&P 500

Air of complacency

Donates proceeds to charity

Markets driven by sentiment rather than fundamentals

Despite remaining expensive

How long can performance last?

Entering 2017, we expected a stockmarket 'melt-up' to the 2,550-2,600 level on the S&P 500 - a move we thought might run into trouble by late summer.

Follows previous criticism

Buoyed by Trump's tax promises

Investors unwilling to reduce exposure

Gold slumps and treasury yields soar