Stampeding bears undeterred by declining EPS horizons.

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With worsening FY18 earnings forecasts (RHS) and the S&P/ASX200 around 5,700, you'd think a bit of moderation might be on the cards? 

Nope, not today - and it's not because everyone's a bull. It's just as much about bears continuing to run with bulls to keep warm. The alternative is an uninspiring, icy cold cash rate cave (LHS).

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Stampeding bears? Another QE irrationality.  

Mike

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