GARY ON THE MARKETS

We will have a bigger report over the weekend but had a couple of thoughts today.

The market trades tight in here. There is a case for churning in where the market trades with no progress…leading to a change of near-term direction. There is also a case for this being the pause that refreshes before higher prices. Instead of being in one camp or the other, we take the stance of NEXT MOVE WINS. We suspect the next move will happen soon enough as volatility has contracted. So get ready! More over the weekend.