• Last week’s action was the kind that is frequently followed by more upside follow-through eventually.  However, no important resistance levels have been broken, so there is no guarantee that a big year-end rally will take place.  Thus, we’ll need to see more upside follow-through before investors can get overly excited.
  • It’s amazing how much the narrative on Wall Street can change in terms of the fundamental outlook…when most of what really happened last week had to do with a bunch of people getting caught offsides with their “positioning.”
  • The complacency surrounding the situation in the Middle East is still astounding to us.  The way investors are ignoring this issue is very reminiscent of what took place in late-2019/early-2020…just before the pandemic kicked investors in the teeth.


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