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July 9, 2022
The Calm Before the Storm
Hey There Income Hunter, The employment report was a real snoozer yesterday, with the headline number a bit higher but revisions a bit weaker. I have flagged next week as the big mover this month and I don’t think it will disappoint. In the past couple of weeks we have gotten a bear market rally…
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July 8, 2022
China Gooses Commodities with Stimulus
Hey There Income Hunter, China’s ministry of finance announced yesterday morning that it is considering allowing local governments to sell 1.5 trillion yuan ($220bn) of Chinese bonds in the second half of 2022. This would be an acceleration of infrastructure funding used to shore up the country’s economy, which has been beaten up by the…
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July 7, 2022
Commodity Capitulation: What Gives?
Hey There Income Hunter, There is nowhere to hide in a global growth slowdown. In early 2022, everyone who missed the massive commodities run of 2021 moved out of bonds and tech and into commodities. Unfortunately, it turned into a classic hot money flush. … In the last month we have seen…
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July 6, 2022
Banks Refuse to Add Risk
Hey There Income Hunter, The severity of the losses caused by higher interest rates across global markets has forced bond traders at the top banks to slash their risk. Some trading desks are even refusing to trade with customers if it means holding onto positions for more than a couple of days. …
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July 5, 2022
Fed Pivot Watchlist for this Week
Hey There Income Hunter, I hope everyone enjoyed the fireworks and cookouts over the long holiday weekend … Now it’s time to prepare for what should be the finale of an explosion in rate hikes that will result in a Fed pivot back to quantitative easing … The Fed has pushed the economy into recession…
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July 2, 2022
Financial Cracks in the System
Hey There Income Hunter, The signposts we have been talking about for months are flashing RED. We always talk about how critical it is to follow the bond markets, and this week provides a great example of that. Stocks and bonds have been trending in the same direction since the beginning of the year … …
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July 1, 2022
Q2 is History – Get Ready for a Summer Pivot!
Hey There Income Hunter, Now that Q2 is in the books, guess what the latest Fed GDPNow estimate for Q2 is? -1%. Yes that is right folks, if correct, the US will officially be in a recession. (And I’m sure it’s AT LEAST that bad.) Now, the funny part is this, on Wednesday Jerome Powell…
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June 30, 2022
Recession Fears Will Trump Inflation in July
Hey There Income Hunter, This week’s weaker economic data triggered a parade of Wall Street banks coming out with warnings on earnings declines in Q2. As usual, the banks were way behind the curve on this since they always talk their book by forecasting high earnings and price targets on the stocks they…
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June 29, 2022
Goldman Admits Earnings Must Be Slashed
Hey There Income Hunter, We know Goldman Sachs is the Federal Reserve’s No. 1 pawn. The Fed, you’ll recall, used them early and often as a third-party hawkish voice. So, the question is why is Goldman coming out with messaging about slashing earnings now? One reason is that the Fed realizes it can’t get inflation…
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June 28, 2022
SPY May Repeat Early Q2 Drop
Hey There Income Hunter, I have been anticipating an extended rally to at least 400 in the S&P 500 Index ETF (SPY). And I also view any end-of-quarter rally as an ideal opportunity to reset shorts. However, the internal market indicators from Friday are not supportive of a continuation higher. SPY…
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