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Stocks up 5% under Trump; how long will the rally last?

Some fund managers are using options to bet that S&P index will fall by one to 2 per cent in coming weeks

The market chatter in recent days has been sceptical. Many senior investment managers or hedge fund executives predict that a market decline of at least modest size is likely to occur in the near future.

US stocks have marched higher and higher - up 5 per cent since President Donald Trump took office six weeks ago - and the rally has become one of his favourite boasts. And there is plenty of economic data to justify the ebullience.

So why are some hedge fund managers bracing themselves...

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