If there is one thing we strongly believe that investors need to know as we move into 2023, it's the following:  The Fed knows we need to get off the steroids, even if it causes a recession & a further decline in asset prices.


Quick Opening Comment:  Given that we’re heading into a long holiday weekend…as well as a holiday week…this weekend’s piece will have fewer bullet points.  However, we do think it’s important to touch on the most important theme for 2023.  Therefore, we will have three macro comments…some updated charts on the SPX, NDX, SMH…as well as one on the yield for the 10yr note.  We’ll finish with a quick summary……..Thank you and have a very Happy Holiday season!!!

Table of Contents:

1)  The Fed knows we need to get off the steroids, even if it causes a recession & a further decline in asset prices.

2)  Maybe, just maybe…the Fed has finally stopped kicking the can down the road.  (It’s painful, but needed.)

3)  In many ways, the stock market IS the economy.  So, lower stock prices will mean a slower economy in 2023.

4)  Updated charts on the S&P 500, the NDX 100 and the SMH semiconductor ETF.

5)  David Tepper threw a cold bucket of water on the bond bulls this week.

6)  Summary of our current stance.

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