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⭐️ Monica Kingsley ⭐️
@Monica___K
Rising volume in $XLK, $VTV, and good enough $SMH transparently prepared the ground for improving #ES market breadth – but the one factor that made me reconsider the requisites of the medium-term (bearish) outlook, was this.
Financials.
LONG THREAD 👇
2. Back when I took the MT bearish view (mid Mar), it was well justified as two significant #banks had fallen, $CS was getting back on the radar screen, #deposit outflows continued, and demand for the #Fed emergency programs was rising.
It was questionable whether $KRE and $XLF
3. would stabilize.
The incentives for #deposit outflows were still present (#Fed hadn‘t yielded to market pressures to ease, and still doesn‘t, short-term #yields kept solidly above 5%, #Fed balance sheet kept declining, #M2 and #margin debt shrinking while consumer #inflation
Read 17 tweets

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#TGA #ES #retailsales #margin #Treasuries #bank #retail #consumer #FOMC #inflation #utilities #stocks #confidence #yields #recessionary #JOLTS #smallcaps #SPX #unemployment #stockmarket #debtceiling #deposit #banks #NDX

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