Notice from the charts that the equities have by and large been chopping sideways in a range for the last couple of weeks.

I expect some action towards the month end this week, and of course around the Non-Farm Payrolls, but no real moves until September and October.

The market is fully valued fundamentally, but with the central banks cramming liquidity top down through the financial system there is no telling what the financialized economy may do, and how far it may diverge from the real economy. 

That is the very definition of a bubble:  too much money mispricing risk too greatly.

Have a pleasant evening.