Is the US market due a pullback?

Investors in US equities have enjoyed a solid start to 2013, with the benchmark S&P 500 index rising 17.5% in sterling terms (to end of March, according to Lipper), boosted by strong market fundamentals as well as the sharp rally in the US dollar. US equities are currently sitting close to, or above, previous peak levels: the Dow Jones Industrial Average recently recorded a ten-day winning streak, its best run since 1996, and reached an all-time high. We believe the strength in markets and, indeed, the US dollar, is largely a result of increased investor confidence about the prospects...