Table of Contents:

1)  Interest rates and stocks are starting to drop in tandem, just like they always do long before the bear market bottoms.

2)  Are SO many people bearish about earnings in 2023…that those earnings will be just fine?

3)  Extreme sentiment is much more compelling with in coincides with extreme valuations.

3a)  Soft landings are incredibly rare, so why are so many people still calling for one?

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

5)  Update the charts on the chip stocks…which outperformed last week.

6)  Will China really be able to reopen in a significant way with fewer covid restrictions?

7)  The economy is not as strong as the bulls think it is.

8)  The bank stocks still look vulnerable…even after last week’s big decline.

9)  European stocks look poised to continue to outperform U.S. stocks.

10)  Summary of our current stance….The de-risking/de-leveraging process is far from over.

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