From the desk of Vance Howard:
The HCM-BuyLine® is still negative, and the intermediate-term trend is still down. We are sitting on a reasonable amount of cash and 1–3-month T-Bills. The market appears to be stabilizing after a very nasty selloff with the news of Russia pulling back troops from Ukraine. There are still a lot of negatives facing the market this year, with inflation at a 40-year high and interest rates moving up. Bonds are in a clear downtrend, and it looks like this is just the beginning of the pain for bond holders. This goes without saying but expect volatility the first half of 2022. From a chart pattern it looks like we are setting high highs and higher lows on a short-term basis, and this is encouraging.
Vance Howard
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