Wed Aug 16 2023
It appears the stock markets have finally completed Wave3 up from Wave 1 which bottomed between August addn October of 2022. The DJIA just recorded a quick 1,00 point drop
PMO turns down at bottom.
SPX
PMO is even lower.
NDX
All three have dropped together And bond prices are now correlated with bonds recording the lowest reading of the year so far.
30 Yr Bond
Does Jerome and Janet really think they are in charge of interest rates? Not hardly, much higher ratese lie ahead.
The WSJ is chock a block with articles on China weakness, bond defaults, jobless young men, ralling retail and real estate sales. The Democrats feasted on Nixon 50 yeares ago, but today we have both Trump and Hunter Biden, trouble for both parties, and fittinf for a grand super cycle top.
Dennis Elam
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