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Be Patient, Hold Your Fire and Keep the Powder Dry

So far, markets look to be tracking reasonably well the roadmap I’ve highlighted in the past: the previous weeks’ action is part of the temporary zig-zag I expect to continue into early Q3. Weekly technical indicators, which track 1-2 quarter shifts, should return to neutral to oversold territory, setting the stage for another multi-month upside move in equities later this year. Overall, the bigger picture pattern looks very similar to what developed in Q2-Q3 2016 and is the reason I remain...

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