recommendations increasingly based on stocks’ laggard status

While difficult, if not entirely impossible, to guess
market peak, 2 signs indicate it’s probably not too far away. First,
brokerages’ Buy recommendations increasingly based on stocks’ laggard status; second, many of the gasping target price hikes based on higher valuation metrics. In both cases, Buy calls are not based on fundamental improvements, as investors in large part willing to ignore fundamentals on expectations, realistic or not, economy will keep improving, helping corporate earnings to catch up to share price rises. HSI +1.7% at 18,696.79, resuming uptrend after one-day pullback; index now +65% vs March 9 close.