This Is About As Recession As It Gets. Recent Small Rebound Cannot Last

by BoatSurfer600

Resiliance of #WallStreet and #SPX (orange line) over past couple weeks may have a lot to do with more #Fed #liquidity … recent small rebound (red line)! (Cannot last!!) @johnauthers @rbrtrmstrng pic.twitter.com/8oOlOSERbg

— CrossBorder Capital/ GLIndexes (@crossbordercap) July 21, 2022

We should be declaring an economic emergency — not a climate emergency.

— Sen. Marsha Blackburn (@MarshaBlackburn) July 20, 2022

Bear market relief rallies are intended to make you think the bottom is in.

The entire point of a relief rally is to trap more bulls and set up for the next leg lower.

We remain in a longer term downtrend right now.

Bears must show up into August to keep the bear market alive.

— The Kobeissi Letter (@KobeissiLetter) July 20, 2022

#ECB meeting will focus on rate hike and anti-fragmentation tool. But there is another risk at least as dangerous. Rates market liquidity is as tight as during GFC. 10y swap spread even at all-time high. Flight to quality, collateral squeeze, counterparty risk – not a pretty mix. pic.twitter.com/Xv6ENbsfWh

— 🏳️‍🌈 Patrick Krizan 🇺🇦 (@PatrickKrizan) July 21, 2022

Miami area home sales were released today.

Sales down 27.4% year-over-year

Sales in June 2022: 9,814
Sales in June 2021: 13,523

— Bill McBride (@calculatedrisk) July 20, 2022

https://twitter.com/MFHoz/status/1549858523181453318

This is about as recession as it gets: gasoline use economy-wide has fallen now for more than a month. The first two weeks in July have been less than the same weeks in…2020. Remember summer 2020? Mostly locked down. Few jobs. Barely recovering.

And we're using less gas now. pic.twitter.com/wg5V8M0oqo

— Jeffrey P. Snider (@JeffSnider_EDU) July 20, 2022

NY Fed survey: more than half of American consumers say their household financial condition has worsened in the last year, and nearly half expect it to worsen in the coming year.

— unusual_whales (@unusual_whales) July 21, 2022

Did you know?

In 2008-09 $SPY had a total of 5 bear market rallies before finding a bottom

The average rally went up +17.9% and took 4 weeks to complete

The 2008-09 bear market (from all time highs to bottom) lasted 1 year and 4 months with a total drop of -57.4% pic.twitter.com/vQy0a7bU7n

— Bracco ⚡️ (@Braczyy) July 20, 2022

U.S INITIAL JOBLESS CLAIMS ACTUAL: 251K VS 244K PREVIOUS; EST 240K

U.S CONTINUING JOBLESS CLAIMS ACTUAL: 1384K VS 1331K PREVIOUS; EST 1340K

U.S PHILADELPHIA FED MANUFACTURING INDEX (JUL) ACTUAL: -12.3 VS -3.3 PREVIOUS; EST 0.8

— First Squawk (@FirstSquawk) July 21, 2022

https://twitter.com/canuck2usa/status/1550095903561658369