I will be on vacation next week.  Therefore, I am sending out this weekend’s (abbreviated) piece today (midday Friday)…and there will be no weekend piece next weekend.  (There will also be no daily pieces next week.)……In other words, the charts and comments I’m posting will come from midday on Friday, so the charts could change quite a bit by the close…given how crazy the action has been lately.  Therefore, I just want to make sure people don’t look at these charts and wonder what I’m talking about…if (repeat, IF) we see a big move in the last few hours of trading on Friday……Thank you very much. 

 

Table of Contents:

1)  Investors are finally realizing that rate cuts are (very) frequently not for the stock market.

2)  The chip sector is signaling an important change in trend.

3)  The unwinding of the “carry trade” is creating big problems…but we might get some near-term relief.

4)  Update on the charts of the major indices….Not a pretty picture.

5)  A change in trend for bond yields has been confirmed (in a significant way).

6)  Potpourri….Is gold set another breakout leg higher?

7)  Summary of our current stance. 

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