The S&P 500 has seemingly gone ‘all in’ on the soft landing playbook… ISM comes out, showing new orders collapsed in January…Wall Street insiders are selling more than they did in 2022!

“The S&P 500 has seemingly gone ‘all in’ on the soft landing playbook. Yet, this is incompatible with a chronically inverted Treasury curve, historically weak money growth, and sustained weakness in other leading indicators…We would hedge long equity exposure here:” …

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