Credit Is A Market Threat

The price action tells us to favor the short side.

PRE-OPEN MARKET COMMENTS FRIDAY – A month ago the market was clicking on all cylinders. The S&P 500 made a new 52-week high and we were preparing for mega cap tech earnings. The Fed was closer to the end of the tightening cycle and economic activity remained strong. Now everything has soured. Welcome to August. As you know from my market comments, this is a seasonally weak period for the market and it lasts through September.

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