Weekend June 20 2022
Every where I look someone is predicting a recession, per Bob Farrell' ten rules that suggests we won't have one yet.
The NASD made a new low in price Friday but the number of stocks above their 50 day MA did not do so, and that is the kind of divergence one sees at a bottom. Index at top indicator above the May low.
The Thursday June 16 post noted the number of new lows hi12
/t a new high.on Friday that number dropped bv over 400 from Thursday. PMO is peaking. And the number of new lows double topped around 1,000-1,100.
while the news media is agog over gasoline prices, we noted the percent of energy stocks in bull fashion collapsed from 85% to under 30%. and the price of gasoline futures declined all week.
While new lows in stocks double topped, new lows in muni bond prices double bottomed.
Here is a fund that has lost 1/3 of its prior high. We suspect bond yields have completed five wave move from the March 220 lows and will have a counter trend rally in price for several months.
thirty Year Yield
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