[PLUS] September Weight of the Evidence Dashboard: Market Remains Messy as Evidence Argues for Caution

Key Takeaway: Pockets of strength have emerged and faded, but the median stock has gone nowhere over the past six months. The weight of the evidence suggests this sloppy environment has not yet run its course. There may be growth scares (and there is the potential for self-inflicted damage), but the economic recovery remains intact even if surprises are now happening to the downside. Valuations are priced for better than expected news and price volatility could quickly bring bears out of hiding. Liquidity is fading, but has not turned bearish. A similar story can be told about breadth, especially in the US. The risk-on environment that was present earlier this year remains missing in action.

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