Table of Contents:

1)  It sure looks like a currency crisis is brewing…and that is never good for most risk assets.

2)  The economy got steroids boost in 2020/21, but the stock market got a double dose of steroids.

3)  The stock market has further to fall to get in-line with its (weakening) fundamental back drop.

4)  The SMH semiconductor ETF stands at a CRITICAL level on its weekly chart.

5)  The weekly MACD charts on the SPX & NDX point to lower-lows before long as well.

6)  However, there is no guarantee that the bond market will continue to fall (& create higher yields).

7)  We’re seeing more signs that the consumer is pulling in their horns just before the holiday selling season.

8)  Even though we’re bearish, investors should start accumulating SOME stocks (like GOOGL).

9)  Update on the outlook for the mid-term elections from Matt Maley Jr.

10)  Summary of our current stance.

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