The Natural Level for Interest Rates is Higher Than Most Realize, So "Higher For Longer" is a Lock
I will be on vacation during the second half of next week, so there will be no weekend piece next weekend. Thank you very much.
Table of Contents:
1) Interest rates/yields are merely rising back to their natural levels after being artificially low for a long time.
2) China contagion? Maybe not yet, but their problems are definitely spreading in a serious manner.
3) The cracks in the charts of the tech ETFs are getting bigger.
4) Watch the XLY consumer discretionary ETF. That’s a better indicator for the consumer than the XRT right now.
5) The bond market is not always the catalyst for moves in stocks. Sometimes, it’s the other way around.
6) High yield spreads are starting to widen in an uncomfortable manner.
7) Update on the charts of the S&P 500, the NDX Nasdaq 100, and the Russell 2000.
8) Bitcoin suddenly isn’t boring any more.
9) Sticking with my predictions on the 2024 predictions for the Presidential nominees.
10) Summary of our current stance.