The Tell: Don’t condemn this rallying market — it’s innocent until proven guilty, analyst says

Think again if you’re condemning the recent upbeat action by U.S. stocks, suggests Jonathan Krinsky at MKM Partners.

He has turned to the legal system to make his point.

“In the American criminal justice system, the prosecution must prove, beyond a reasonable doubt, each essential element of the crime charged,” the chief market technician wrote in a note dated Sunday.

Meanwhile, in financial markets, “price is the final arbiter,” and stock prices are looking good, Krinsky said. He has focused on a broad stock-market gauge — the Russell 3000 RUA, -0.14%IWV, -0.12% — rather than a big-cap benchmark like the S&P 500 SPX, -0.13% or Dow Jones Industrial Average DJIA, -0.15% .

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