Steve’s U.S. View

We started the month with markets above fair value by a moderately high, but reasonable level. MidCap and SmallCap were slightly elevated in the teens, but they were not unreasonable. With investor expectations on the positive side, above 100.0% Fv, major events such as a change in central bank policy and the thought of a global trade slowdown pushed markets lower. The direction was unwanted, but rational.

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Posted by Steven Albrecht