XMHQ - Labor's Back

• We noted in our quarterly letter that every brokerage house on the Street was bearish and telling its customers to expect stocks to move into a correction. We also reminded you that one of Reilly’s Rules is that when everyone expects something to happen something else usually does.
• As of early last week, over 90% of stocks in the S&P 500 and 98% of those in the Russell 2000 have already experienced a drawdown of 10% or greater. We may have already had the correction that everyone is looking for.
• The pendulum is swinging back from white collar to blue collar for the first time in decades, and we are investing in commodities for the first time in decades.

For further details see: