Could the market be running out of levers to help it move higher? Maybe. But one thing is for sure: the amount of money parked in money markets is huge, certainly encouraging the ‘buy the dip’ mentality. This has not been a sleepy summer, so either the seasonal volatility of Sept/Oct came early, or we are just getting warmed up for a wild finish to the year. This is not the time to be chasing, in our view.

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