Kevin Smith shared his macro views on TD Ameritrade Network. “We are committed to our bearish positioning here given the huge number of macro signals that we have today pointing to a downturn.”

Kevin Smith discusses the first quarter GDP report and the underlying cracks beneath the surface with Oliver Renik from the TD Ameritrade Network.

Russell 3000 to silver ratio now near record levels! Double top formation after a retest of peak tech bubble levels? Stunning how historically depressed a “high beta” safe haven asset is this late in the cycle. New Crescat video out: https://www.youtube.com/watch?v=zoDePDL2etE&t=2s

Market sentiment is bullish as hell on the idea that ‘central banks got your back’. But do they really? Perhaps they have created the biggest debt and asset bubbles yet assuring that the business cycle is alive and well. Here is why we are net short: https://tdameritradenetwork.com/video/rB4AoWmoG5SBacr3VyQI5A

Not a pretty picture for US stocks going into earnings season.

GDPNow (YoY) is signaling the worst US economic environment since 2015, the year of the China currency mini-devaluation, oil crash, and EM meltdown. The US stock market is levitating while many economic indicators are turning down. Bear market rally looks done.

Just one way to visualize today’s asset bubbles only beginning to burst. MMT: The idea that such imbalances can be permanently sustained through money printing without business cycle downturns or inflation. An absurd idea. Not modern at all. Poised to fail as throughout history.

The S&P 500 is more over-bought today than the prior two bear market rallies based on the percent of stocks above the 50 DMA. Great setup for selling if one believes this is only the beginning of a bear market.

A major disconnect: The more cash $NFLX was projected to burn, the more its stock price went up for four years. Now, the company is raising prices, but costs are going up too. Will it ever be able to monetize or is this just a QE bubble stock destined to deflate?

Over 80% of all non-financial stocks in Canada lost money on a free cash flow basis in the last 12 months! Australia, US and Asian countries aren’t too far behind. This is not a picture of a healthy global economy.

S&P 500 lagging to the downside. Steepest, late-cycle plunge in the Citi Global Earnings Revision Index ever. Started from record valuations. The early dip buyers could be getting set up for the slaughter.

Kevin Smith was a guest on the Lance Roberts Show and discussed our current positioning in the markets.