I confess, I’ve gone a bit sinewave happy (IWM, XRT, etc.) and I’ve got another one: the emerging markets fund symbol EEM.
![](https://slopeofhope.com/wp-content/uploads/2024/01/slopechart_EEM-640x343.jpg)
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Feh. Well, for the 127th day in a row, what looked like a good hard tumble has been extinguished overnight. Specifically, the train wreck of INTC, KLAC, and AMAT seemed to spelled doom for QQQ and SMH, but the doominess has been largely wiped clean. Here is NQ, triple digits higher than its low just a few hours ago.
I am going to spend this evening listening to one of my favorite musicians ever, John Wesley Harding. Here are three favorites he wrote.
Reference Inflationary Yield Curve Steepening? from January 11.
In my opinion, after the secondary extreme inversion of the 10-2 yield curve in July a new yield curve steepener was in the bag. That is exactly what the curve has been doing since the secondary inversion.