Introduction When we first presented our reflation scenario back in mid-April of this year, doomsayers were still very much predominant. At the time, US equity markets and Oil were still in the early stages of their rebounds, China was still a major concern, and Janet Yellen was justifying a slower path of interest rate increases based on global economic and financial uncertain-ties. Our scenario correctly expected equity markets to temporarily top out in early May and enter into a correction period during May and June (although in retrospect the correction would be better labeled as a flat consolidation period)...