Yields screaming higher.

Big week for economic news that may flip the script.

It is official - correction in many sectors and major indices.

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Warm Up

- Back from Barbados - Diving good and bad

---ROTI!

-- Space Debris - fines being issued

- Politicians on trial

- Japan car deal - stopped

- House Speaker Kevin McCarthy ?

Market Update

- 10Yr Yield approaching 4.5%   4.8%!!!

- 30 Year was 4.65% Friday - now 4.94%

- Friday Jobs number important - JOLTS was much stronger than expected today

- Ugly market conditions - appears to be The TTBOWTBW coming soon.

- UPDATE- Last week: Oversold reading - switched the short small-caps today This week: Closed position after failure to launch

DUMB Stuff - Inflation is not some uncontrollable item that we are all victims of. We help to perpetuate inflationary trnds by paying up the prices and spend, spend, spend. If we look at strikes - for more $$ due to cost of living, that is ass-backwards.

JCD: Bring Back HUAC?

Space Junk

- Dish Network Corp. was fined $150,000 by US regulators for leaving a retired satellite parked in the wrong place in space, reflecting official concern over the growing amount of debris orbiting Earth and the potential for mishaps.

- “This is a breakthrough settlement, making very clear the FCC has strong enforcement authority and capability to enforce its vitally important space debris rules,” Loyaan A. Egal, the agency’s enforcement bureau chief, said in a statement.

- The FCC says it has applications pending for more than 56,000 satellites.

- The number of satellites has reached almost 9,000, compared with roughly 2,000 less than five years ago, according to Jonathan McDowell, an astrophysicist at Harvard University.

- SPACEX accounts for 4,800 of the total

Political Funhouse

- Donald Trump on trial in NY (Civil)

---- Outcome could be devastating for his business

- Hunter Biden up on gun charges

--- President Joe Biden's son Hunter Biden is expected to plead not guilty on Tuesday to lying about his drug use while buying a handgun

- Both families need to get in the White House badly so that they will be able to issue pardons.

The Issue...

- Yields rising...Long-Bond getting hammered

- Markets now spooked

- Fed hawkish not helping

- Govy Shutdown not helping

- TLT down 17% in 3 months

Long Bond ETF

Bond Vigilantes

- Benchmark US yields jumped to the highest levels in 16 years Monday, extending an uptrend that began in May.

- The latest surge shows Treasuries are detached from their fundamental drivers, according to JPMorgan Chase & Co.

- The move shows rising alarm at what fiscal policymakers are doing, economist Ed Yardeni says.

- The slide in Treasuries has been excessive given recent economic data and Federal Reserve policy, suggesting it’s instead being driven by fears over the swelling US deficit

IPO Debacle

- Instacart weakness continues as shares are now trading 36% below its IPO opening price of $42; slowing growth and a full valuation are primary culprits for the selloff

- What about ARM - about 0% below opening day IPO price

- Birkenstock - newest IPO that is being discussed

Japan Putting Hammer Down

- Japan's move to bar most used-car sales to Russia slammed the brakes on a trade nearing $2 billion annually that had boomed in the shadow of sanctions over Ukraine elsewhere

- In early August, Japan's government banned exports of all but subcompact cars to Russia, cutting off a lucrative backchannel in trade in used Toyotas, Hondas and Nissans for a network of brokers and smaller ports

- While wiping out Russia's biggest source of used cars,