The Rhyme: Fed Flips to a Hike at Record Highs & Its 1972 Echo
A record S&P, a Nasdaq ripping higher, and a thin handful of tech names carrying the whole thing. Meanwhile, the Fed just flipped its dot plot from a cut to a hike. We have seen this setup before. November 1972: the Dow at a record, fifty can't-lose stocks holding it up, and a central bank about to turn against them. What came next took 21 months and 45 percent. Here is how it played out, and where the rhyme breaks.
