People are feeling great right now. With the tax cuts, deregulations, a record-high stock market, better employment conditions, a trend of increase in wages, and with a small business environment, which encourages owners to expend, the “wealth effect” is reaching the highest number of people, since the Great Recession.

There are still many millions of people living under the poverty line, unemployed, with minimal prospects for opportunity and advancement, but, overall, this is about as good as it gets for this cycle, so take it all in.

People are feeling confident, which is when trouble usually begins to come in droves.

As I indicated many times, during the past few weeks, Portfolio Wealth Global is extremely bullish in the short-term on U.S. equities and on the cannabis sector, in particular, but we also know that we are in the last innings of the bull market.

We’re LONG, but we’re raising our cash levels as well. This is a dangerous time to be using any sort of leverage or debt.

Student debt, for example, is one of the main detracting factors, which hamper Millennials from applying for mortgages and boosting the housing market. It is also worth mentioning that it is the federal government, who is on the hook for these loans, which have a 30% delinquency rate.

This all comes out of the taxpayer’s pocket.

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    As you can see, high confidence levels reach their highest levels, right before the biggest crashes occur – it’s a great contrarian indicator.

    As the next elections cycle approaches, the biggest issue on the table will be that of the wealth inequality. Politicians will be throwing out ideas on how to solve this issue, which will intensify during the slowdown.

    America is fractured socially, at the moment, a theme, which will be crucial for how the country comes together to solve their obligations overload and their opportunity gap.

    Portfolio Wealth Global anticipates a major change with fiscal policy, by which large businesses will lock arms with the government to rejuvenate problematic areas – government/private partnerships.

    History is pretty clear on the next two years for the stock market. Save for a “Black Swan” event, We are going higher, and it doesn’t look like commodities will be market leaders.

    This can all change, if the appetite for bonds auctions subsides, triggering the need to go further into debt, monetizing it by way of currency printing and by way of slashing interest rates back down.

    In other words, at the end of this U.S. equities bull market, which has been led by the technology giants (FAANG), Portfolio Wealth Global sees a boom time for commodities, and boy, are they cheap right now.

    Best Regards,

    Tom Beck
    Research Partner,

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