Good Tuesday morning. As we covered yesterday, this is an important week for the economy. This morning we get consumer confidence and job openings. Tomorrow, all eyes will be on Q1 GDP as well as the Fed’s favorite inflation gauge (Core PCE). Then Friday, we’ll learn Aprils jobs data. 

At the same time, this is the week where corporate earnings pick up speed, with more than 1/3 of S&P 500 reporting. 

Q1 Earnings: This is the week that matters, with Microsoft and Meta reporting tomorrow and Amazon and Apple on Thursday. Last week we learned from Telsa and Google that their Capex remains fully intact. We’ll be surprised to hear anything different from the rest of the Mag 7.

Is This 1998? 

Seeing many Wall Street veterans of 40-50 years comparing this to the 1998 bear market, which featured a retest of the lows from that year.
With the economic weakness that appears headed our way, this is why we own SQQQ (3 x bearish nasdaq 100 ETF) as a portfolio hedge. Again, a...