The market rally over the past two days has been almost as dramatic as the 3% drop that preceded it, and neither may be “signaling” anything regarding direction. We continue to believe the violent action is just part of the intermediate-term correction process. Clearly, it wouldn’t have been a great idea to panic sell last week’s big down move, and we suspect it might not be a terrific plan to chase the spike over the past two days, especially with significant Fed speak directly ahead via the July FOMC minutes Wednesday and Jackson Hole Conference Friday.

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