The market turmoil last week persuaded some that a major correction is at works that will deflate the financial bubble. We would humbly disagree with that prediction. In our opinion there are five main reasons why the market blinked last week, namely: Uncertainty about Fed’s forthcoming policy of raising rates; the technical default by Argentina; some conspicuous earnings report; some kind of a catch up with geopolitical unfolding; and a rising employment cost index (ECI) that indicates that inflation might not be dead as some thought.
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