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Equities offer a terrible risk/reward today in our view. When a problem goes away, it’s fair to assume that the market should rebound (all else equal). But what about when the equity market believes a problem has gone away but the bond market and the data don’t...

Good afternoon! In today’s note, I am going to comment on the recent headlines of how a 50% retracement in a bear market has ALWAYS began a new bull market. While that may be historically accurate (using the SPX), I am going to point out a HUGE risk to that today, and...

In today’s note we will discuss three key important points about the equity market and housing … Stocks do not bottom without confirmation from leading housing data. History is CLEAR and CONSISTENT. Weakening Housing Data Portends: 1) lower PMIs, EPS Revisions &...