S&P 500 Fakeout – A Wake Up Call

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S&P 500 did a fakeout yesterday, and closed on a weak note. Nothing sectorally enouraging, and even the mere comparison of Russell 2000 to emerging markets downswings reveals that more is to come today – extending also to real assets. Monday and Tuesday volatility are to turn out higher than I would appreciate, and illustrate the degree to which markets ran with the unreasonable optimism during Fed blackout. Q4 2022 hedge fund letters, conferences and more (…) The rumor is still being bought, and selling the news would be overcome. The Fed would of course go with 25bp while not commiting to 50…

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