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PREV (the Matrix)
Another interesting week finishes with stocks declining into end of the month repositioning. A word of caution, the endless equity rally won't stop with a flip of the switch. Most equity tops are drawn out processes that maximizes optimism and complacency, and are driven by time. Valuations, sentiment, and various cycles are stretched, but the path of least resistance is up until confidence is broken. Confidence, while not strong, has leveled out.
The grain markets continue higher. The rally remains a sideshow at the equity circus, but continuation of food inflation, currently viewed as transitory, will change that. The social consequences of a sharp rally in food prices are not being discussed. Social instability rises dramatically when people struggle to pay for food and shelter. We’re currently seeing both in the US and many Western economies.
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