Our core fundamental thesis driven by credit remains constructive, the Fed is likely to cut rates at the end of the month and again toward year end, the various internal measures of the market, such as the advancing vs. declining issues, confirm the moves to record highs, and sentiment while positive is not excessive. While a solid case could be made for a period of digestion given the year-to-date gain of nearly 20%, we continue to believe the economy is unlikely to fall into recession and would not fight the Fed nor the tape.

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