First Of The Month

The first of the month has shown remarkable seasonal strength in recent years and today looks to be no different. I am going to give the market the benefit of the doubt today and tomorrow but after that I would consider adding to the short side.

I find it troublesome that commodities have actually gone higher as the market corrected and interest rates are sitting at their highs. In a finance driven economy higher rates and higher commodity prices are a death knell although it will likely take some time for these factors to be felt.

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