I have doubts about the current optimistic narrative in the market. The three main catalysts that many people are enthusiastic about actually don't hold up upon closer inspection:

First is the expectation of easing by the Federal Reserve — this is indeed progressing, but can the market sustain itself solely on this? Second is the narrowing of credit spreads, with data showing that cash spreads are only at the 3rd percentile historically, indicating that market pricing is still quite aggressive. Lastly, the shift from growth stocks to profitability/cash flow factors, but this narrative is a bit amusing — everyone is shouting about this shift, so where is the actual market driving force?

When everyone is telling the same story, it's often time to reflect. The next move in the market probably isn't that simple.