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We can’t get the Byrds song “Turn! Turn! Turn!” out of our minds lately, but in our heads, we’re singing Churn! Churn! Churn!. Stocks can’t seem to find any direction these days, and that’s being somewhat generous. If anything, the trend has been lower, but with the weekend approaching, let’s be generous in order to keep up the mood. The 200-day moving average is typically considered a major trendline for the S&P 500 with breaks above considered bullish, while moves below suggest a bearish outlook. If that’s the case, what are we to make of the fact that the S&P 500 has crossed above its 200-DMA more than five times this year and crossed below it six times? As we’ve all said to our kids all too often, “Make up your mind already!”

While we had a holiday-shortened week, it was still plenty busy with the kick-off of earnings season and a bunch of economic data. We cover it all in this week’s Bespoke Report along with the big drop in bullish sentiment, some whipsaw moves in the treasury market, a look at seasonality around tax day, and lastly a checkup on the semiconductors.

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