July was a fantastic month - especially for small cap stocks. The Advance-Decline for the Russell 3000 closed the month at all-time highs creating a bit of a bullish divergence since the price has not (yet?) followed.
As we discuss in the video, while this is an incredibly encouraging sign it does not mean the market is guaranteed to move higher ... as evidenced by the first two trading days of August.
Finally, we close with yet another reminder that we could very well be in a secular bear market that is merely experiencing a cyclical bull phase. We are prepared either way.
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