Weekend Insights

Stocks have a long way to go to resolve the divergence with the bond market…even if yields pullback near-term.

The most important issue facing the markets is the divergence between the bond & stock markets. History tells us it will be resolved with a decline in stocks.

"The chip stocks NEED to bounce immediately, or it will be quite negative on a technical basis. Not only for the group, but the tech sector AND the broad market.

The charts we provided this weekend should tell us if the Fed is moving forward in their process of normalizing the US economy & markets to their natural levels.

The markets stand at a critical juncture as we move into September. The quick return to widespread bullishness is misplaced. The era of "free money" is over.