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Bottom line: My work has not and still does not support the recent bounce attempt by the S&P 500 as “the bottom” that is sustainable and long duration.  Quite the contrary, my key indicators continue to weaken and suggest that a cycle of estimate cuts is in the early innings and will grow stronger over the next couple of months, at minimum.   Thus, I am reiterating my unfavorable view on equities, and I continue to target 3600-3500 as my next downside target.

The tug t...

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