S&P 500 Bulls Are On The Defensive

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S&P 500 bulls didn‘t close conclusively while neither bonds nor the dollar pressured them much. Today, the manufacturing data confirmed my earlier point that a manufacturing recession is inevitable following yield curve inversions – so, more deterioration. It‘s though the Fed speakers that are being feared today – the dollar and yields are enjoying a reprieve even though the dollar upswing would prove temporary as I don‘t favor 75bp hike in Dec. The momentum is though with the bears today – risk-off session awaits. Q3 2022 hedge fund letters, conferences and more Remember the one wish for yest…

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