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Weekly Memorandum 8/23/2021

Stocks experienced some volatility in the middle of last week, but managed to stage a nice rally to close well off the lows by Friday. So far, the rally has spilled over into this week, which bodes well for the bullish case. We are just looking for the Nasdaq to confirm the integrity of this bull market, and that would be achieved via a new all-time high.

Interest rates were marginally lower last week, but overall, continue to trade in no-man's land. Commodities retreated last week too, as the dollar broke out from a multi-month pattern, and appears to have established an uptrend in the short-term. The ramifications of a breakout for the world reserve currency is significant. Precious metals were split last week with Gold up and Silver down. Cryptocurrencies continued their rallies as well, and appear poised to retest their former all-time highs at some point.

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