The Maley Report

Before the Open

Another Divergence Has Developed Between the Stock Market & the Treasury Bond Market

By Matt Maley On March 22, 2023 - 6 min read

The S&P 500 has already retraced 100% of its losses since the SVB crisis began. The Treasury market has only retraced 1/3 of its "flight to safety" move. Thus, there is a lot of complacency in the stock market right now.

Before the Open

Somewhere...Over The Rainbow

By Matt Maley On March 21, 2023 - 3 min read

The stock market is not looking past this crisis. It's being propped up by liquidity. Therefore, It’s looking over the rainbow…into a fantasy land…that is very unlikely to exist for very long.

Before the Open

Far From Out Of The Woods

By Matt Maley On March 20, 2023 - 4 min read

The only reason the stock market rallied last week was because of an emergency injection of liquidity. If Chairman Powell does not indicate that a big new (sustained) liquidity program, the rally will fail.

The Renewed Injections Of Emergency Liquidity Likely Won't Last Very Long This Time.

By Matt Maley On March 19, 2023 - 35 min read

If the Fed does what it did in 2021...and keeps providing emergency levels of liquidity after the emergency passes...the stock market can rally a lot more this year. However, if they don't, the stock market is going to have a very tough time maintaining its current level.

Before the Open

Avoiding a Repeat of 2008 Does Not Mean We Can Avoid More Pain

By Matt Maley On March 17, 2023 - 4 min read

A repeat of the banking crisis of 2008 is unlikely. However, given that a recession is now much more likely...and earnings forecasts will have to come down...today's expensive stock market will have to fall further.

Another Divergence Has Developed Between the Stock Market & the Treasury Bond Market

Somewhere...Over The Rainbow

Far From Out Of The Woods

The Renewed Injections Of Emergency Liquidity Likely Won't Last Very Long This Time.

Avoiding a Repeat of 2008 Does Not Mean We Can Avoid More Pain

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Natural Gas Is (Finally) Getting Ripe for a Tradable Bounce

Key Turning Point For The Markets

Crude Oil Testing a Key Resistance Level