Good morning everyone! We are back after an eventful Thursday, and with Andreas Steno serving clients in the far east – I am left to steer the ship through the high seas as we conclude the week.

This cycle is a treacherous one and we believe that exercising caution and diligence is of utmost importance- there are no shortcuts to success in this environment. The discrepancy between soft data indicators such as Philly FED released yesterday and Empire State serves as a prime example of the conflicting terrain that investors are navigating.

Will the fog be lifted today? Probably not, but we stay firmly on course all the same