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Morning Market Briefing – Thursday- 08/29/2013

On Wednesday , the market realizing that there is nowhere else to invest went back to risk on mode.  Throughout the session, cautious broad-based market melt up continued.  Much of the issues causing the Tuesday panic did not materialize (as expected).  World War III with Syria was downgraded to tomahawk missile-ing airfields and turning Syria into a no fly zone.  The market appears ready to sell off, but as predicted it didn’t.  The whales wanted a sell off (P/E ratios are relatively high), but they didn’t get one.  With rates this low, real state so overvalued and forever emerging markets currencies devaluing, US equity markets still overs the best potential return.

Today, futures are pointing again to a slightly green open.  The market is back in wait and see mode. Its waiting for bad news to happen so we can sell off, which would cause rates to remain low and risk on back in play.

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