Listen to this Free Weekly Forecast HERE on our Spotify Channel, read by Thomas Miller


 It’s official! The S&P 500’s (SP500) longest bear market since the 1940s has come to an end. The benchmark index closed up 0.6% to 4,294 on Thursday, vaulting it back into bull territory with a 20% advance from its October low. The rally has been powered, in large part, because of a handful of companies posting outsized gains, like Big Tech, Tesla (TSLA) and AI darling Nvidia (NVDA). There has also been somewhat of a resurgence in economic optimism, compared to the sentiment that plagued the market in 2022. – Wall Street Breakfast, “Run, Bull, Run,”,  June 10, 2023.

Global equity markets were mixed last week, with some soaring to new multi-week or multi-month highs, others falling to multi-week lows, and still others between the lows and highs of the prior week. Such discordance must mean … we are in the Sun sign of Gemini, where markets will be all over the place and not all following the same instruction manual.

In Asia and the Pacific Rim, the Japanese Nikkei index made a new 33-year high last week. The Indian NIFTY index is close to making a new all-time high. The Hang Seng index of Hong Kong had a good week, but only after making a multi-year low on May 31. China’s Shanghai Composite and Australia’s ASX indices held the prior week’s low, but not by much as both economies struggle to show signs of growth.

European bourses also struggled to find direction. It was an inside week in all the major indices we track, with the London FTSE closer to its multi-month lows, whereas the DAX was closer to its recent all-time high. Is it a bull or is it a bear? Don’t ask Europe when the Sun is in Gemini. It’s both or neither, depending on how well you can bi-locate.

The Americas, however, are much clearer that it is indeed a bull, especially after Washington lawmakers finally put the debt limitation crisis to bed just before the June 5 deadline when a national fasting and energy savings mandate would have to be implemented in order to make sure the government stayed open. Just kidding. But lawmakers mostly went to bed anyway after that exhausting struggle over so little. It was a welcome sign in any event that they found a way to compromise and avoid a financial disaster (at least for another day) at the last moment.

In other markets, Bitcoin fell to a new 12-week low on June 6 but then recovered quickly. But it’s still a case of lower lows and lower highs lately. Gold and Silver are both trying to bounce back from recent declines, but the road is bumpy in Gemini. Crude Oil made a new cycle high of 75.06 last week, a nice move from its primary cycle low of one month ago at 63.64. This back-and-forth nature of Gemini may get a reality check next week when Saturn and Neptune both get highlighted (see next section).

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 Treasury Secretary Janet Yellen told Congress Friday that the U.S. government is now expected to run out of cash to pay its current obligations by June 5, updating her previous estimate that said the day could come as early as June 1. – Elizabeth Elkind, “Yellen Estimates Government Will Run Out of Cash by June 5 Without Debt Ceiling Agreement,”, May 26, 2023.

 Like many economists and market participants, my working assumption has been–and remains–that Washington, DC, will resolve the #DebtCeiling saga. But this is not to say that there are no adverse longer-term spillovers, including: further erosion of trust domestically in the policymaking process, the diversion of political attention and interest away from urgent sustainable growth and productivity issues; and unfavorable messaging to the rest of the world about US economic management. – Mohammed A. El-Erian, CEO, Pimco, Twitter feed, May 26, 2023.

 And the beat goes on, the beat goes on

Drums keep pounding a rhythm to the brain

La de da de de, la de da de da

  • ­Sonny and Cher, written by Sonny Bono, “The Beat Goes On,” recorded 1967.

It was a wild week for the nation and for the world, but if you were looking for logic, common sense, or a pattern in financial markets, chances are … you were bewildered. And that’s just the way Gemini likes it as we have entered the season of the witch, er, twins.

In the U.S., for example, the DJIA broke to a new 8-week low late last week (before Friday’s rally), whereas the NASDAQ soared to its highest level in over a year. The S&P is not far behind its high for this year. Two markets up, one market down.

Getting everyone on the same page was quite a challenge last week, whether you were a politician or a financial market. One party says we’re making progress in the debt ceiling talk, while other members of the same party say we’re far apart, so… let’s take a break for the holiday and reconvene next week while Rome burns. And the beat goes on while the media keeps pounding the same rhythm into our brains. La de da de de, la de da de da. The week was a perfect reflection of the dualistic nature astrologers attribute to Gemini.

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Federal Reserve Chair Jerome Powell said Friday that stresses in the banking sector could mean that interest rates won’t have to be as high to control inflation. – Jeff Cox, Fed Chair Powell Says Rates May Not Have to Rise as Much as Expected to Curb Inflation, “, May 19, 2023.

The bigger they are, the harder they fall. Old saying from either boxing lore and/or the Bible.

Is there any adage more appropriate that describes the current T-square of Jupiter (the “biggest”) to Pluto (the “fall” or “collapse”) and Mars (the “trigger” or “the punch”)? In politics, it could mean exactly what it says. In terms of markets, it could also mean, “The higher they go, the harder they fall.”

Since we are talking about financial markets here, we note several global stock indices have blasted off to new multi-month and even multi-year highs last week, which certainly fits the Mars/Jupiter square from early Leo to early Taurus. Will they now fall as hard as they have rallied since their breakouts that began around the time of the Sun/Uranus conjunction on May 9 (Uranus pertains to breaking out above long-term resistance or below long-term support)?

Most notable is probably the breakout in the Japanese Nikkei stock index, which soared to 30,924 last week, its highest level since 1990, and a “breakout” above the double tops at 30,714 and 30,795 in February and September 2021 under the Saturn/Uranus waning square. But maybe it was the German DAX, which actually did rally to a new all-time on Friday, reaching 16,331, slightly above its prior all-time high of 16,290 achieved on November 18, 2021, under the same Saturn/Uranus waning square.

In the Americas, it was a tale of two markets. The NASDAQ soared to a new yearly high, and the S&P to its highest mark in 9 months. However, the Dow Jones Industrial Average was closer to its 7-week low early last week before recovering somewhat into Friday, but again down on the day and well off its cycle high of May 1 when the Trickster was near its retrograde midpoint.

Nearly all of the world’s stock indices rallied nicely into the end of last week, except the Hang Seng in Hong Kong, which instead did indeed fall to its lowest mark in eight weeks on Friday.

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 Banks are in trouble because of rising interest rates. Rates have climbed because inflation is high. And inflation is too high because demand is hot. One way to cool demand would be for the federal government to cut spending—which happens to be what Republicans, who control the House, are demanding in return for raising the federal government’s $31.4 trillion borrowing limit. – Greg Ip, “A Debt Deal Can Help Fix Inflation, Too,” Wall Street Journal, May 5, 2023.

“On the other hand, what will happen if the government’s debt continues to increase at the pace it is on? How long before the nation’s credit is downgraded and then it goes into default? … The other transiting outer planet involves Saturn entering Pisces, which will also form harmonious aspects to (Venus and Jupiter) in the U.S. founding chart, May 10, 2023, through January 22, 2024… Thus, a long-term plan to deal with the nation’s fragile economy can lead to positive results and the accomplishment of goals. Maybe it deals with the nation’s debt and the reversal of its deficit spending activities. It will be all about exhibiting the favorable qualities of Saturn, which is best when oriented to the long term, as in investment of time and resources.” Forecast 2023 Book, the chapter on “The U.S.A,” written in October 2022 (

This final week of Mercury retrograde (aka “The Trickster”) proved to be a real annoyance for traders, especially on the heels of the Sun/Uranus conjunction of May 9. In classic form related to these two disruptors, several financial markets negated a slew of technical buy and sell signals, while displaying distorted cyclical time bands for “normal” highs and lows.

The Sun/Uranus conjunction of Tuesday, May 9, corresponded to new cycle highs in many global stock markets within two days. This was to be expected as any major aspect involving Uranus has the potential to time “breakouts.” But with Mercury also retrograde (April 21-May 14), several of those “breakouts” turned out to be “fake outs” as they reversed right back down again.

In Asia and the Pacific Rim, China’s SSE Composite provided the perfect example with a new yearly high right on May 9 under the Sun/Uranus conjunction. The SSE made a double top to its prior 33-month cycle high of 3424 of July 5, 2022, thus fulfilling our call that this high would at least be re-tested again following its low in the index of October 31 at 2885. The SSE turned sharply lower the rest of the week. India’s NIFTY Index topped out on Thursday, May 11, whereas Japan’s Nikkei index made a new yearly high right into the end of the week.

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 Nonfarm payrolls increased 253,000 for the month, beating Wall Street estimates for growth of 180,000, according to the Bureau of Labor Statistics. The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969. Average hourly earnings, a key inflation barometer, rose 0.5% for the month, more than the 0.3% estimate and the biggest monthly gain in a year. – Jeff Cox, “Job Growth Totals 253,000 in April, Beating Expectations,”, May 5, 2023.

Last year’s techwide reckoning continues. In 2023, layoffs have yet again cost tens of thousands of tech workers their jobs; this time, the workforce reductions have been driven by the biggest names in tech like Google, Amazon, Microsoft, Yahoo and Zoom. The running total of layoffs for 2023 based on full months to date is 168,243, according to – Natasha Mascarenhas and Alyssa Stringer, “A Comprehensive List of 2023 Tech Layoffs,”, May 5, 2023.

It was the week of the Mercury retrograde midpoint (May 2-3 +/- 1 day), otherwise known as the “Inferior Conjunction of the Sun and Mercury,” “Mercury Cazimi,” or for market timing purposes, the “Full Stride Period of the Trickster.” And what a wild week it was in many financial markets!

The middle of the week (mid-Mercury retrograde) witnessed another rate hike by the Federal Reserve, accompanied with a hint that it may be the last increase for a while. The week ended with conflicting economic reports, as noted by the above quotes. Several companies have announced they will be (or already are) initiating large layoffs, yet the employment reports keep showing more people entering the workforce. Perhaps as people are being laid off, they are also starting two or three part-time jobs to make up for the loss of income. With Mercury retrograde, we may not have the full story. These reports are lagging indicators. Things can quickly change, as the markets themselves illustrated last week.

As an example, the DJIA rallied to a new primary cycle high on Monday, May 1, at 34,257. Just three days earlier, it was making a major cycle low at 33,235. The next three days, the DJIA fell 367, 270, and 286 points, respectively, bottoming at 32,937 on Thursday, May 4, lower than the major cycle low of the prior week. The next day, Friday, it was up over 500 points. As noted before, under Mercury retrograde, price swings every 1-4 days are common. As we approach the Sun/Uranus conjunction, the swings get larger and larger.

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The Dow Jones Industrial Average rose on Friday, notching its best month since January. The blue-chip index closed 272 points, or 0.8%, higher at 34,098.16. The Dow finished April 2.5% higher, its best monthly showing since January, when the average ended up 2.8%. –Alex Harring and Sarah Min, “Dow Gains More than 250 Points Friday as Index Finishes Best Month Since January,”, April 28, 2023.

U.S. economic growth slipped in the first quarter in the midst of still-high inflation and rising interest rates, adding to worries about a possible recession later this year. U.S. gross domestic product, a measure of the value of all the goods and services produced in the country, rose at an inflation- and seasonally-adjusted 1.1% annual rate from January to March, a significant slowdown from 2.6% growth in the fourth quarter, the Commerce Department said Thursday. – Austen Hufford, “Economy Cools Amid Recession Fears,” Wall Street Journal, April 28, 2023.

It was another Mercury retrograde roller coaster ride. Most global equity markets were down into mid-week and looking poised to fall off a cliff. Then suddenly, out of nowhere, the “Trickster” must have found something of hope for the nation – for the world – in President Biden’s announcement last Tuesday that he will run again for the highest office in the universe. It was intentionally declared on the same day that he had announced previous candidacies for office, in which he had won. It’s his lucky day.

Or maybe the market rallied because, on Wednesday, the House of Representatives finally approved a bill to lift the nation’s borrowing limit (i.e., debt ceiling). It has no chance of passage in its current form as Senate leader Chuck Schumer has already decreed that it will be “dead on arrival” once it reaches the Senate for a vote. Nevertheless, there is now a bill to raise the debt ceiling, and it’s a first step in the possibility of avoiding a financial catastrophe that advances ever closer.

The majority of global stock indices followed a similar pattern once again. That is, most made major cycle lows last Wednesday, +/- 1 day, then rallied nicely into the close of the week. In some cases, the rallies were to new highs for this primary cycle and even for this current year. That was the case in Japan and India, where the Nikkei Index rose to its highest mark since mid-August of last year, and the Nifty to its highest level since mid-February,

In Europe, the German DAX soared to its highest price since January 2022, and the SMI did the same on Friday to its highest level since June 2022.

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 SpaceX on Friday is taking stock after the company’s Starship rocket exploded a few minutes after lifting off the day before in southern Texas. “If we lift off and clear the pad, we’re calling that a win,” SpaceX engineer Kate Tice said. – Micah Maidenberg, “After SpaceX’s Starship Rocket Explosion—Debris, Data and Analysis,” Wall Street Journal, April 21, 2023.

An IRS supervisor has told lawmakers he has information that suggests the Biden administration is improperly handling the criminal investigation into President Biden’s son, Hunter Biden, and is seeking whistleblower protections, according to people familiar with the matter.  Aruna Viswanatha, Sadie Gurman, and C. Ryan Barber, “Hunter Biden Probe Is Being Mishandled, IRS Supervisor Says,” Wall Street Journal, April 19, 2023.

It was the week of the big solar eclipse in the last minutes of the last degree of Aries, square Pluto in the first minutes of the first degree of Aquarius, and the global equity markets.… yawn. The rest of the world was riveted in a series of rocket explosions, exposes, leaks, and revelations of political cover-ups, plus renewed anxieties about the possibility of a credit default approaching for the United States, also typical topics for a Pluto highlighted week. But the stock markets of the world hardly moved at all. Perhaps the arrival of the “Trickster” – Mercury retrograde – on Friday, April 21, coincided with an environment of just too many conflicting narratives happening all at once to make a clear judgment about what it all means for the future. Then again, Pluto is only interested in a future where the present has been obliterated by revelation (and punishment) for the sins of the past.

The pattern and timing were similar in all regions. That is, most indices made highs in this geocosmic highlighted period of April 11-21. Most ended or paused their 5-6 week rallies nearby the April 14-17 time period, then declined modestly into the end of last week. In Asia and the Pacific Rim, China and Japan stood out. China’s Shanghai Composite rallied to 3396 on Tuesday, April 18, its highest level since July 5, 2022, at 3424. It then tumbled into Friday. Japan’s Nikkei Index rallied to a high of 28,778 on Friday, April 21, its best mark since August 2022, but then it closed down on Friday as well. Hong Kong, India, and Australia made their cycle highs (so far) on April 17, then pulled back at the end of last week.

In Europe, the Zurich SMI rallied all week, with Friday producing a new 10-month high. London’s FTSE was also up into Friday, but not a new high for this year. The German DAX soared to a new high of 15,916 on April 18, which is close to its all-time high of 16,290 made in 2021. The Netherlands AEX was quiet after recording its cycle high so far on April 12.

The U.S. markets were mixed. The S&P futures made a new cycle high on April 18, but the DJIA and NASDAQ did not make new cycle highs last week. Their highs remain as of April 14 and April 4, respectively. Brazil’s Bovespa peaked one day earlier on April 12. But all were down into the end of last week, though not by much.

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Is inflation over? That was the temporary market sigh of relief you heard Wednesday morning as the feds reported that the consumer price index for March rose a mere 0.1%. But prices are still rising at a 5% 12-month rate, which will not strike most Americans as a triumph. This is the real inflation story. A price level that rises 5% instead of 9.1% isn’t deflation. It is disinflation, which means prices are still rising, only not as fast as they were. The overall standard of living is lower and Americans are still paying more for nearly everything. – Wall Street Journal Editorial Board, “On Inflation, the Price is Still Wrong,” April 12, 2023.

Americans pulled back on spending at retail stores in March as demand cooled sharply in the face of banking turmoil, persistent inflation and high interest rates. Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars tumbled 1% in March, the Commerce Department said Friday. That is well below the 0.4% decline projected by Refinitiv economists and a marked drop from February, when sales fell 0.2%. It is the biggest decline since December. – Megan Henney, “Retail Sales Tumble More Than Expected,”, April 14, 2023.

Global stock indices continued their rallies off the primary cycle lows of March 13-20 into the very end of last week before this powerful geocosmic reversal zone of April 11-21 struck, fueled by Venus square Saturn and the disappointing (Saturn) retail sales (Venus) report.

The Asian and Pacific Rim markets were closed by the time the U.S. retail sales report was announced. Hence, most ended on a very positive note for the week, with multi-week highs realized. None of the indices in this region made new yearly highs, but China’s Shanghai Composite came close with Friday’s high of 3340, just slightly below the high of 3342 on March 7. Each recorded their highest levels last week since the lows of March 14-20.

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The Labor Department reported Friday that payrolls grew by 236,000 for the month, compared to the Dow Jones estimate for 238,000. The unemployment rate ticked lower to 3.5%, against expectations that it would hold at 3.6%. Though it was close to what economists had expected, the total was the lowest monthly gain since December 2020. – Jeff Cox, “Job Growth Totals 236,000 in March,”, April 7, 2023.

Lawmakers are growing more uneasy about raising the debt ceiling, the self-imposed $31.38 trillion borrowing limit they hit in January. Without new legislation, a default by the US government could come over the summer or in early September, according to various analyses. (Jamie) Dimon, who has worked closely with the White House and Congress this year on various economic problems, told (Poppy) Harlow that there would be no default under his watch. “Not as long as I’m alive.” – Nicole Goodkind, “There Are Storm Clouds Ahead for the Economy, JPMorgan Chase CEO Says,” CNN Business, April 7, 2023.

It was a shortened holiday week for global markets. However, it was still noteworthy for many markets related to the Venus/Uranus conjunction in Taurus on March 30. The 4-day allowable orb (trading days) finally kicked in early last week, April 4-5, for most global stock indices, which ended strong 3-week rallies off their primary cycle lows of March 13-20. In some cases, new highs for this year were attained last week during this allowable time band for a reversal or pause.

In Europe, the German DAX soared to its highest level in over a year on April 4. The Zurich SMI came close to its high of January 17, 2023, on Friday and near its highest level since June 2022. The Netherlands AEX rallied also to a high on April 4, and the London FTSE rallied all week. Each is up smartly from their lows of March 13-20, MMA’s last three-star geocosmic critical reversal zone.

Asia and the Pacific Rim were mixed. China’s SSE index and India’s NIFTY index rallied all week, with China nearing its high for 2023. Both Japan’s Nikkei and Australia’s ASX indices peaked early in the week, on April 4-5. The Hang Seng of Hong Kong was an outlier, having peaked the prior week on March 31.

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March recorded the worst U.S. bank failures since the 2008 crisis, but that did not stop some investors from snapping up battered financial stocks to bolster their bets on the sector’s long-term health, fund-flow data showed… That’s despite both funds plunging about 29% in March as the collapse of Silicon Valley Bank and Signature Bank triggered fears of a contagion and doubts about the sector’s stability. – Lisa Pauline Mattackal, “What Crisis? U.S. Bank-focused ETFs See Strongest Demand in Months in March,”, March 31, 2023.

“Absence of evidence isn’t evidence of absence” – Old archaeological adage quoted by Kristin Romey, “What Archaeology Is Telling Us About the Real Jesus,” National Geographic, March 29, 2023.

What banking crisis? Wasn’t all the evidence there for a banking collapse? Answer: only in the land of Neptune and Pisces, where realities don’t depend on evidence as much as intuition and imagination. However, in time, their intuition may prove correct, even if their timing is premature.

All the fear of two weeks ago that the global financial and banking systems were on the verge of a massive collapse suddenly evaporated. It was so Neptunian. The Sun, Mercury, and Neptune were conjunct in Pisces and in a square aspect to Mars on March 15-16, with Venus square Pluto as well, right at the height of the hysteria (Neptune and Pisces). Now, two weeks later, several global stock indices are on a two-week torrid rally, and much of the recent decline has been recovered. This is what markets look like when an MMA three-star geocosmic critical reversal combination occurs at the end (and beginning) of a primary cycle.

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