It appears risk-on is coming back in vogue and the
correction may (I say MAY) have been avoided. The S&P is again over its
50day moving average, as is the Dow Jones. The only laggard is small caps IWM,
and this is arguably the most important component to get back over its 50day
to confirm the risk-on trade. IWM
bounced very nicely off its 100day moving average, now it needs to prove
itself.
This is an important pivot point for the equity market...STAY
TUNED!
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