The stock market bounce early this week brought a lot of bulls on TV and on the Internet who called for a Federal Reserve pivot as a reason to buy stocks. They said this back in June and July and there was no pivot. They are wrong again, because the action in the bond market is not confirming their hopes. My views of the markets have not changed from where they were a week ago. I’m not expecting much to happen in the markets this month. One positive is that the price of gold is starting to outperform that of the S&P 500.
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