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When we came 10 days ago risk assets were still in linear uptrends. We then argued that given the exaggerations we saw then, the markets were probably due for some consolidation. And indeed, over the last 10 days, they have started to correct, slowly first and over the last few days with some acceleration. Our view is that this correction is not quite over yet. It could end this week or early next. Following that, we would expect risk assets to resume their uptrends towards year-end. Hence, we see the current correction as a Buy the Dip opportunity over the next week or so...




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