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Morning Market Briefing – 08/20/2013

Yesterday, the stock market action played out as expected. Long-term rates continued to climb up while stocks continued to sink.  The only good news was that trading volume remained light, so there is no conviction on the down move.  This move is most likely a small equity correction and stocks will continue to trend up after it.  However, when it comes to the market, nothing is written in stone.  If there is a major change in Fed policy and rates continue to rise, the market WILL crash.

Today before the opening bell, the following companies are scheduled to report earnings: AMWD, BKS, BBY, DAKT, DKS, GLOG, HD, JCP, MDT, TJX, and TSL.  We aren’t expecting any release of data from these companies to affect market sentiment. We do however believe that the US is back to a purchasing power neutral market. What we mean by this is the strengthening of the US dollar against third world countries currencies will be strong headwind against the US stock market.

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