Table of Contents:

1)  It sure looks like we’re transitioning to a period where bad news for the economy is bad news for stocks.

2)  It’s not just the bond market that is signaling an upcoming recession any more.

3)  When was the last time a period of falling earnings for the banks/financials = good times for the economy?  (Never.)

4)  Some cracks are starting to appear in the rally for the semiconductor group.

5)  The truckers are not starting to stall, so we’ll now be watching the Transports more than ever.

6)  We hate to beat a dead horse, but falling yields as we move towards a recession is BEARISH for stocks, not bullish!

7)  The charts tell us that Treasury yields could/should go lower before we get any near-term bounce.

8)  Update on the charts for the S&P 500 Index, the NDX Nasdaq 100 Index, and the Russell 2000 Index.

9)  The dollar is very close to a key support level (but the dollar’s correlation with stocks is very disjointed).

10)  Summary of our current stance.

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