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I had already pointed out that European equities represent a value play that is seeing the benefit of positive momentum (see Two contrarian plays that will make you queasy), I would expect that the Street will further raise EPS estimates in Europe in the days to come. They forecast gold will reach $2,000 per ounce by the end of September. But will it make FuelCell Energy profitable. While it’s far too early to make any kind of judgment, I made the point last week that the fundamentals for the current market rally have been in place before the election (see The start of a new Trump bull?), the electoral results seemed to have awakened the market`s animal spirits. As there are many blanks that still to get filled in about the new administration, it’s important to be aware of the bull case and bear case for stocks. For now, I am inclined is to give the bull case the benefit of the doubt. A case could be made that the dip in ESI is just a blip. As a detailed examination of US ESI shows, there may be a seasonal pattern where the ESI weakens in the autumn and then recovers later.