35 years of exponential debt growth and lower interest rates Markets wipe away the Fed’s December interest rate rise Gold reversing trend relative to the S&P 500? Fed can’t cut

  Bad timing and intransigence Nominal GDP and Non-financial profits trending down Global profit estimates are in their steepest decline since 2009. 85 year high in US crude inventories Record

  George Soros joins the rate hike blunder chorus Ray Dalio is already in the Choir Could there have been a worse time to raise rates? Fed is stuck in the

  “It’s not the economy (or fundamentals), stupid – It’s The Fed!” Decaying Control System 5 Crucial Questions For Investors Short Term Outlook Conclusion —————————- “It’s not the economy (or fundamentals), stupid –

“We frontloaded a tremendous Market Rally” US stock prices have been inflated far above fundamental valuation ISM manufacturing has now fallen below 50 for 2 months in a row. Factory orders signal

“The Fed is perpetuating a promise that stocks can’t go down.” Keith McCullough “The problem arises because the Fed, like other major central banks, has now become a creature of

This isn’t transitory its cyclical Yield curve reflects weak economy/deflationary risks Recession forecasts for 2016 Meanwhile the data still comes in weak Bubble outperformance has lost momentum Investors need a

  Cycle experts disagree with the Fed Pronounced, Pervasive, Persistent weakness in the data Latest data shows weakest ex-auto retail sales for 6 years Markets reflect economic weakness too Globally, including