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Market Reflections and 2025 Outlook
This chapter analyzes the state of equity futures as 2024 comes to a close, noting a 24% increase in the S&P 500 but cautioning about potential challenges ahead. It emphasizes the importance of valuations, the performance of underperformers, and the effects of broader economic factors such as inflation and interest rates. The discussion also revisits historical market behaviors, particularly the dominance of momentum trading and its implications for future strategies.