WHY THE RALLY?

The 'tourist uses his simple P/E pricing model to explain recent action

Stocks often climb a wall of worry, but January’s rally has felt more like free soloing El Capitan. It’s easy to forget, but late last year, almost no one believed the Fed could engineer a soft landing. A recession seemed like a foregone conclusion. Many market participants were busy debating how much of an earnings decline was priced in, with the conse…