Republic Risk Letter: Wipeout
Yesterday's weak bond auction tells us what we already know. Government spending is out of control. Plus, energy stocks find new support on Russian sanctions
Key Takeaways This Morning
Energy stocks pop as WTI crude gets a boost on Russian sanctions efforts.
Refinancing U.S. debt is a crisis in waiting for 2024.
Equity signals make big moves after the troubled bond auction. However, insider buying levels remain the strongest in 2023.
Friday remains the best day of the year for the S&P 500, and bank earnings have been positive this morning.
Dear Fellow Expat:
We were up on the board. We were riding the wave of a nice reversal after a morning decline, and then, bang, right into the water. Face first.
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