THE WEEKLY TOP 10

I am told that there was a problem with posting my “Weekly Top 10” last evening. Therefore, I thought I’d re-send it myself this morning. My apologies if this is a dupe. (BTW, this was written before the news that China was putting more extreme restrictions on cryptocurrencies.)……My apologies if this is a duplicate.



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I will be out of the office tomorrow and away this weekend, so I am sending out this week’s weekend report tonight (Thursday night). It’s a shorter version that usual, but next week’s version will go back to normal. Thank you very much.


THE WEEKLY TOP 10


Table of Contents:

1) When major economic powers de-risk/de-lever, it eventually sends ripples around the world.

2) Evergrande is not a “Lehman moment,” but it still might be a warning signal.

3) Whether the S&P 500 can hold back above its 50-DMA or not should be important near-term.

4) The bond market is telling us that Chairman Powell was rather hawkish on Wednesday.

5) There’s still lots of liquidity being provided out there!

6) Gary Gensler has the legitimacy that will enable him to regulate cryptos soon.

7&8) Will the energy and financial stocks continue to do well? (Yes, they will.)

9) Sandra Day O’Connor

10) Summary of our current stance.


1) When the government of the world’s second largest economy decides to de-risk and de-leverage their economy in markets in a significant way, it will eventually have a negative impact on the global economy/markets…including in the U.S. This is especially true given how highly leveraged the U.S. economy and markets are today…and how expensive the stock market is as well.

To be honest, this week’s “Weekly Top 10” piece should simply have only one very short bullet point. It should simply contain a synopsis of our “Morning ...

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Morning Comment: The spill-over of a key de-risking policy.


Much like the coronavirus in January and February of 2020, the situation facing Evergrande has been staring investors in the face for a while now…and yet they have ignored the growing negative situation (mostly due to the fact that the ...

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THE WEEKLY TOP 10

I’ll be away next weekend, so I will send-out an abbreviated edition of “The Weekly Top 10” on Thursday evening. Thank you very much.


THE WEEKLY TOP 10


Table of Contents:

1) When inflation is induced by a lack of ...

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Morning Comment: Liquidity stresses in China growing


Last year, at about this time, we turned bullish on the bank stocks. We said that after 2.5 years of underperformance, the group would finally start to outperform the market. There were not very many people who agreed with us. ...

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Morning Comment: Oil & gas stock poised to breakout again?



After falling for five straight days, the S&P 500 looks higher by about a half a percentage point this morning. There does not seem to be a key reason why the market is bouncing back this morning…other than the fact ...

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THE WEEKLY TOP 10

We just want to make a quick comment because we have some new readers. Each point begins with a very quick summery (in bold letters) of what we’ll say in the “body” of that bullet point. We still like to ...

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Morning Comment.......Never forget.

Tomorrow will be the 20th anniversary of 9/11, so it’s tough to talk about the markets on a day like this. With this in mind, we’ll just highlight a few bullet points…and leave the rest of the market analysis to ...

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Morning Comment: Imminent change in trend for the bond market?



Well, here we are, it’s September. Sure, it technically began last Wednesday, but now that Labor Day weekend is behind us, the seasonally September/October timeframe has officially begun. Of course, the fact that everybody is talking about this seasonally tough ...

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Morning Comment: ECB warning....China warning....Mega-cap tech extended.



The stock market rallied for the seventh time in eight days yesterday, but Monday’s move was a very narrow one, and it came on very low volume. Despite the 20-point rally in the S&P 500, the breadth for that index ...

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Morning Comment: Long-term yields creeping higher.....GOOGL getting very overbought


As we move closer to this week’s KC Fed Symposium in Jackson Hole, the yield on the U.S 10-year note has crept a bit higher…and it is now back above 1.3%. This is not a major development. In fact, the ...

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THE WEEKLY TOP 10


THE WEEKLY TOP 10


Table of Contents:

1) Don’t blame the Fed if that stock market corrects at some point this year.

2) “Supply constraint” inflation is much different (and much worse) than “demand led” inflation.

3) Economic data could ...

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Morning Comment: Stagflation is the real concern, so stop blaming the Fed.



We got a relative sharp decline in the stock market yesterday on very poor breadth (8 to 1 negative on the S&P 500), but volume was not very strong (just 2.4bn shares on the composite volume). However, the market closed ...

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