We timidly recommend adding risk starting Wednesday as we see favorable shift in risk/reward into next week, even if only "close to the bottom." Timid because it is August

The video in this report is only accessible to members
The video in this report is only accessible to members

There will be no video on Wed, Thur, or Fri and no First Word on Fri this week due to travel plans.

We publish on a 3-day a week schedule:

– Monday
– SKIP TUESDAY

– Wednesday
– SKIP THURSDAY
SKIP FRIDAY

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Today's note will include a short video update. We discuss: why we timidly think it makes sense to add risk on Wed, ahead of $NVDA and ahead of Friday's Jackson Hole.  We cite 4 reasons and we want to be ahead of Friday (Duration: 7:47).

The video in this report is only accessible to members
The video in this report is only accessible to members

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The 5% decline S&P 500 since the start of the month has felt like a straight line down. Incremental macro concerns (which we flagged) emerged in that timeframe including the BoJ tweaks to yield curve control, China growth concerns, rising oil prices and the sharp rise in interest rates. Given the paucity of US fundamental data, and the fact that Fed Chair Powell speaks this coming Friday, and one can easily see why markets are nervous now. At a lunch last week, one of my most seasoned investor clients told me (TL of CT) that the rise in interest rates is arguably the most troubling.

That is self-evident ...

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