Odaily Planet Daily News: History may soon repeat itself. The well-known 'forecaster' and head of the Swiss consulting firm Zulauf, Felix Zulauf, explained his typically stern Swiss perspective on the global market, which has always been a beneficial complement to the inevitable optimistic speculations of most Wall Street prophets. Currently, Zulauf believes the market will continue to rise. He acknowledges the widely publicized negative technical factors in the stock market—such as extremely optimistic sentiment indicating that investors are fully invested, with almost no new buyers. Meanwhile, market winners continue to concentrate on large tech companies, and the deterioration of market breadth is also a warning sign. However, he believes that positive liquidity trends should continue to push prices higher. Felix Zulauf also stated that exchange rate fluctuations will negatively impact the stock market and, in turn, the U.S. economy. The traditional view holds that the stock market is driven by the economy, but he believes that this relationship has reversed. The rise of the stock market and cryptocurrencies has strengthened consumers' balance sheets, enabling them to reduce savings and increase spending. Meanwhile, the U.S. labor market is in short supply, driving up wages—while strong asset prices allow more Americans to quit their jobs and enjoy early retirement. However, a reversal in the stock market will have negative effects. "I've spent a lot of time in Florida, and I know many wealthy individuals with strong balance sheets," Zulauf said. "I can tell you that if the market falls by 20%, they will reduce spending and cut back. I've seen this happen in the past, and it will happen again." He added that, meanwhile, the poorer population with relatively fewer assets and tighter balance sheets accounts for a much smaller proportion of spending. (Jin Shi)