Why the FTSE must fall

All the signs are pointing to the FTSE having made a top. And unless companies start growing real revenue soon, equities will tumble. Here's why.

Sometimes it can take a long time for a top to complete. Such seems to be the case for the developed world's stock markets, particularly the FTSE. However, the technical story gets more imposing by the day and the fundamentals supporting the logic of a new bull market for equities becomes, dare we say, more preposterous by the day.

The rally from March, we contend, is no more than a secondary reaction in a primary bear market, but the clarity of that observation has been muddied by extraordinary central bank and government behaviour.

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