The market selloff looked ugly, but cycle screening measures are either lagging badly or signaling that this weakness won’t be sustained. That’s like saying the market will either go up or down, but I’m leaning toward door number two, that the market isn’t as weak as it looked on Friday. Once Monday’s big Treasury settlement is put to bed, the liquidity picture turns very bullish for the next week or so, which argues against an extended decline starting from here (See Treasury update).
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