Table of Contents:

1) The divergence between the stock and bond markets go way beyond just the yield on the U.S. Treasury 10-yr note.

2) Saying that the stock market has “priced-in” what is going on in the global landscape doesn’t make any sense to us.

3) Updated charts on the S&P and NDX…..Any further downside follow-through will not be good.

4) The Treasury market is oversold (overbought on yield), but that might not be good for the stock market.

5) There is a avery important difference between demand-driven inflation and inflation fueled by supply issues.

6) The Transports are getting oversold, but any more eventual downside movement will not be good.

7) Believe it or not, the homebuilders could finally get a bounce soon.

8) A look at the charts on the XLK & SMH. (The SMH needs to bounce strongly very soon.)

9) The Fed’s goal is to tighten financial conditions. How can that possibly be bullish?

10) Summary of our current stance.

THE STOCK MARKET STANDS AT A CRITICAL JUNCTURE...and I think we are on the cusp of a new decline in the market that will take it below its March lows. I do not agree (at all) with the perm-bulls who try to say that the stock market has already "priced-in" the impact of the Fed's 180 degree shift in their monetary policy and the impact of the sanction on Russia (which will last for a very, very long time). Therefore, investors are going to have to stay VERY nimble in the weeks and months ahead.

For more details on why I think we stand at a critical time in our markets, please click here to subscribe to "The Maley Report"...and recieve "The Weekly Top 10" every well as the "Morning Comment" every weekday, Monday through Friday.

Matthew J. Maley

Chief Market Strategist

Miller Tabak + Co., LLC

Founder, The Maley Report

275 Grove St. Suite 2-400

Newton, MA 02466


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.

Posted to The Maley Report on Apr 10, 2022 — 11:04 AM
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