Wall Street's most bullish strategist cites a 'big surprise' pushing stocks higher: Morning Brief

— isn't just more optimistic about earnings and the Fed's path, but surprised at how skeptics have been washed out during this year's rally.

"We're not saying that there's not some fast players on the move in the day to day and week to week action or deny that some froth exists in some corners of the market," Stoltzfus wrote, "but rather that the hot market stuff thus far looks to have been offset by a broadening of the current rally across sectors, styles, and market capitalizations providing offset to 'irrational exuberance.

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