USMC - Tactical Update: Uncertainty Abounds

• This seems an opportune time to review the difference between strategy and tactics.
• The US dollar remains in a short-term downtrend; however, the rate of change has stalled over the last two months.
• Growth continues to outperform, but the tide may be turning.
• A weak dollar environment should, theoretically, favor international over US stocks.
• Small company stocks are one of the few areas where we see some of the recent extreme being corrected.

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