• The LEI (Leading Economic Index) data from yesterday supports out call for a recession in the not-too-distant future.  Except for two months during the worst of the pandemic, this number hasn’t been this low since 2009!
  • The negative news out of Taiwan Semiconductor (TSM) is raising even more serious questions about global economic growth.  If the SMH (semiconductor ETF) breaks below a key support level, these concerns will become even bigger ones for this all-important leading indicator for the economy (and the stock market).
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