Following the announcement this week of increasing the Fed Funds rate by another 50 bps, there was a very hawk'ish tone set forth by Fed Chairman Powell of no end in sight, which the market did not digest very well. With this recent market retreat, the S&P 500 broke several key levels of support we have targeted. We'll see if there will be Santa Claus rally to remedy the indigestion. Our portfolio sleeves were taken to heavy cash positions last week. We will look for opportunities to catch the next wave up.
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