Table of Contents:

1)  The current de-risking/de-leveraging process still has a long way to go before it comes to an end.

2)  However, a further short-term rally is still quite possible.  (SPX, NDX, IWM, SMH charts.)

3)  The bond market is getting overbought on a short-term basis.  Don’t chase it here.

4)  To reiterate, a reversal in LT interest rates is NOT bullish for stock in a bear market!

5)  The Fed’s tightening policy is just starting to have an impact.  Thus, no soft landing coming.

6)  Crude oil is showing signs that a new rally leg could be dead ahead.

7)  The housing stocks have had a nice run, but they’re due for a pullback.

8)  Gold is overbought near-term, but it has a lot of upside potential intermediate-term.

8a)  The dollar is oversold near-term.  Will it signal an important bottom…or not?

9)  The World Cup..…USC football..…Tiger Woods.

10)  Summary of our current stance….A bear market is a process, not an event.

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