The Japanese yen is key to the "carry trade" and the "carry trade" is key for measuring net liquidity in the system. So it will be very important going forward.

The response to President Trump’s election was obviously very bullish in the stock market.  However, some of the moves in the marketplace were a bit too extreme on a short-term basis…and thus they should not be chased over the near-term.

The S&P was trading at 18x forward earnings and 1.8x sales on Election Day in 2016.  Today, it’s at 22x and 3x respectively.  Therefore, investors should be careful in assuming that a post election rally will last as long as it did in 2016.

We strongly believe that there will be plenty of uncertainty left in the marketplace in the weeks ahead…due to the crisis in the Middle East…even if we get some definitive and quick answers to the questions surrounding the 2024 election.

The S&P 500 has rallied 38% in the past year…but only 1% of that move has come since mid-July.....The situation in the Middle East is still escalating further.