Nasdaq down 7 days in a row, actually a constructive signal. Since 1970, stocks higher 74% of time 1M, 3M, 6M later.

The equity market does not believe the bond market...

Equities have sold off seemingly continuously since Jackson Hole (8/26), as the strong message from the Fed and uncertainty around Russia, China and economy have pushed equities to become "no bid" -- in fact, as many noted, the Nasdaq is down 7 consecutive days. Since 1970, this is pretty uncommon, as highlighted later in this commentary.

In our view, there are 3 questions that primarily impact markets today (Russia/Europe, etc impac...

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