Cycles point higher until September

Markets have increasingly turned a bit defensive in the short run yet have signaled no real ability to make even a new two-day low close.  Until there is at least some evidence of the uptrend from either July or June being broken, it pays not to try to fade this rally.  Furthermore, market bears will have to increasingly lean on factors like cycles, sentiment and structural deterioration to pave the way for even a minor pullback, vs. expecting tha...

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