Up or down? That’s the trillion dollar question.
Here is my vantage point.
We can go either way, frankly. I would not be surprised. I do, however, have a bias — barreling into September. I believe, at a minimum, we’ll see sharply lower prices in the morning, followed by recovery. The break in junk bonds is notable and can start to make this squall grow some balls and really instill fear into the weaker hearts of men who have no business in this game.
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