1yT and SPY 4wk +3.2% (1.26% av)

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CPI continues down

But still high….AND also indicates growth is declining.

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1y Treasury Needs to Drop Below FedRate. Payroll also down.

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Gas Buddy Turns Down. SPY +13% YTD Jul (+19% YoY)

Have to turn it down before election….

Monthly average gas price below….

1 month…

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TIPs are OS

AND SPY continues into negative momentum…

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The New Credit +228% since 2020…Private Credit Defaults Rise Q1 (corp cash flows under pressure)

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SPY momentum turns negative…weak Aug

And YoY turns down…4 months ahead of hiccup.

Gas up slightly…

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CPI down big BUT YoY still high at 3.5

Will be less neg for July as gas is falling slower…

AND CPI YoY still runs too hot…

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SPY continues to lose momentum

weak July …AND VIX still reasonable at 18…

4 month cycle is turning….

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Gas down -12.5% June

3 weeks in…big change from May (quite high). 5 months up…

Also …when oil surges, oil money surges into SPY. Hence, big up in SPY occurred April and May.

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