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Edwardsville, IL 62025
US economy added 528,000 jobs in July BUT 309,000 were from
Birth/Death rate adjustment which is a just a guesstimate.
There is one school of thought that we aren't in a recession yet
given the job numbers, earnings, and price action. I saw the 3
month hasn't crossed on the yield curve yet as well, another part
of the signal that is needed for confirmation.
Price and time currently indicate we never had a bear market and
that this is still a topping process. If that is the case, we could
test the old highs or even make new highs before things really come
down longer term. I know it sounds crazy, though 3,600s sounded
crazy at the beginning of the year to most as well.
Where we currently are is the last wave made a high at 4,168 on
SPX. And that is the high until it isn't. Markets are overbought,
so the bears need to get moving here now. There are 6 gaps below to
go after. Their showing has been pretty weak lately not even being
able to push SPX below the 9 day for a reversion to mean on the
longer term. Maybe the time is finally here to try.
Strange market to say the least, check out the recent
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