“We have reached a profound point in economic history where the truth is unpalatable to the political class – and that truth is that the scale and magnitude of the problem is larger than their ability to respond – and it terrifies them.” – Hugh Hendry
As we wait for Powell to deliver his Jackson Hole speech, the most interesting dynamic remains post earning weakness and price action in a lot of the big tech names across the globe. We continue to maintain that it all started with Netflix and that the NQ is really weakening below the surface.
The other key focus remains the DXY where we stand by what we discussed in our Latest Weekly Outlook video. Remember to keep an eye on gold into the end of the month.
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.