Posted by :) (99..201.63) on August 03, 2022 at 05:50:01:
BOTTOM LINE
July’s robust rally was impressive, but it
did not establish a new uptrend. Instead, it
created an overbought condition within a
still-intact downtrend, and is a setup for
more price damage in August and beyond.
The high yield bonds did well in July, but
likely consumed all the available fuel and
should become subject to the illiquidity
that the Fed is still ushering via higher
rates and QT.