On Thursday we saw one of the biggest one day rallies in the stock market in two years. On Friday, though, the rally got sold and many stocks ended up on new 52-week lows for the year. Bonds also fell, with the TLT bond ETF closing on a new 52-week low. Now the odds are that the Fed will hike by 3/4 of a point in November and even raise rates beyond 5% by next Spring. What we saw on Thursday was simply a one day wonder rally, that historically happens in bear markets to fool many people.
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-Mike
