• Everyone is waiting for the Fed today.  However, unless they strike a surprisingly dovish tone, their “higher-for-longer” narrative will remain in place.  The bond market has been pricing this in for months, but the stock market has not.  This divergence should resolve itself soon…no matter how the stock market reacts today.
  • We’ve seen some very strong evidence this week that our call for a short-term pullback in the energy stocks (one that lasts for more than 2-3 days) is indeed going to take place.  In fact, it has already begun.
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