The charts say stocks could have much further to fall as investors price in the three-headed monster that is elevated inflation, rising interest rates from the Federal Reserve and a potential Ukraine-Russia war.
“Every facet of my work continues to suggest that this is a chart book consistent with a 20% drawdown in the S&P [500]. While ephemeral relief rallies will occur as the conflict ebbs and flows, the seeds of the current decline were planted by policy and the pandemic long before troops…
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