Stocks caught a big bid this week as Treasury bonds fell. We also saw money moving into oil and industrial metals as gold fell back. Overall it was a clear risk-on week for the markets. Even though I see a reversal in oil and resistance in bonds, I have my doubts on this return to risk in the stock market.
I moved to the correction camp a week ago Wednesday and I remain in that camp.
Note that I am NOT calling a top and I am certainly not turning long-term bearish on stocks.
I am simply staying in the correction camp for the S&P 500.
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