Our opinion is to be patient and move money out of defensive holding after the stock market is lower. Short-term bonds are very attractive. We have been looking for a -5% to -10% pullback in August and September, as of the beginning of August, the S&P 500 is now down about -4.6% and -4.9% from the high in July. The rise in the 10-Year is the main issue for a fully valued stock market that was capped by the full valuation.

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