Table of Contents:

1)  Tech continues to act well, but not as well as during last earnings season.  Is this a good time for at least some rotation?

2)  As we move towards the tough Sept/Oct timeframe, the energy, bank & healthcare groups could be a good play.

3)  Let’s take a look at the charts of these three groups…which are breaking out.

4)  Is merely “avoiding a recession” really enough to push the stock market a lot higher from its expensive level?

5)  The Fed is still a long way from meeting one of their stated goals from their tightening policy.

6)  When FOMO becomes a powerful force, it’s always essential to have a backup plan for when the FOMO fades.

7)  The EEM emerging market ETF is close to key resistance…just as the dollar’s short-term bounce is fading.

8)  The small cap stocks could be another area to “rotate” towards…as the Russell 2000 is testing key resistance.

9)  The divergence between bitcoin and Coinbase (COIN) is unlikely to last very long.

10)  Summary of our current stance….We have to remember that interest rates have been “normalized.”

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