Table of Contents:
1) Strong earnings & abundant liquidity continue to provide important support for stocks.
2) The AI leaders continue to deliver strong fundamentals, but weakening price action is raising important warning flags.
3) Credit Markets Are Beginning to Crack…as some key credit spreads are beginning to wide significantly.
4) Long-term interest rates ARE at levels which should provide headwinds equities…no matter what other try to say.
5) Index charts: The broader market remains resilient, but several key technical indicators are beginning to weaken.
6) Geopolitical risks should keep oil prices elevated…supporting a constructive intermediate-term outlook for energy stocks.
7) Rising energy and food prices suggest inflation may remain more persistent than many investors expect.
8) Consumer spending remains resilient, but mounting inflation and higher interest rates are beginning to test that strength.
9) Potpourri…..The financial stock ETFs remain at key technical junctures.
10) Summary of our current stance.
