The Employment Situation Report for the month of July is the only key piece of data due out on Friday and current expectations are for another strong release to wrap up a busy week, both in terms of economic data and earnings.

Thus far this week, we saw Consumer Confidence beat expectations at 127.4, Personal Income and Consumer Spending come in at +0.4% month-over-month, ADP Employment at 219,000 jobs added, Weekly Jobless Claims at 218,000 and the Case-Schiller Home Index at +6.4% year-over-year.

On the whole, this week represented strong supporting evidence to our core thesis, and reinforced our belief that any short-term volatility in the market represents an opportunity to add exposure, not sell.

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