Following the US elections, global equities moved sharply higher. The S&P 500 has gained 17% and is now 4% below our 2’550 target. In the meantime, European markets have started to outperform, also thanks to pro-European elections in France, the Netherlands and Austria. Despite extremely rich valuations especially in the U.S. market and geopolitical tensions, volatility reached a 24-year low last spring. Do we still believe that the rally in equities is in its final stage? On the following pages we will try to find answers and provide you with a roadmap for the second half of 2017 and beyond.