Hi, everyone. Welcome to the Real Vision Daily Briefing. It's Friday, April 22, 2022. I'm Maggie Lake here with Jared Dillion, author editor of the daily dirt nap newsletter. Hi, Jared. How are you?

Hey, what's up?

I am not sitting in my usual occasion. You're in your usual studio, but I am traveling. I'm in DC for an energy conference happening tomorrow because I am at work.

But I'm excited about it. But then everything got blown out of the wall by this market action today, right? We're sort of ending the week on a really ugly note we've got.

And it was really accelerating during the day, which I know is worrying for everyone. And as we close out here, we've got the Dow down, but almost a thousand points over two and a half percent loss over two and a half percent loss for the Nasdaq.

We'll see where we settle. It may even be more that's 2.8 on the Dow. We've got the VIX up sharply over 20%. So we're really sort of seeing this all come together. We're going to break it down. I want to get your thoughts. But first, Rao was originally going to be on the daily briefing today. He wasn't able to make it, but he's watching the market action. I know all of you. You're all your sort of senses are up when you see this. So Rao wanted to send this market update to share some of this thoughts. So let's listen to that first.

Hi, everyone. Just a very quick update from me. Look, I was expecting the markets to have found some sort of traction to the upside. And that failed. So my demark counts had failed. I haven't shared many of these with people, but I just thought the setup was getting concerning enough that I should put an update out over a revision daily briefing.

So what I've seen is that the market rejection of the of this recent rally has been fast and severe. What's really interesting is things like energy stocks have been slammed as well. Oil stopped going up. Come on.

These are going down. The dollars going up significantly bond yields have stopped rising. If the NASDAQ breaks the recent low, it's forming a large head and shoulders top. You can sit on my Twitter feed where I've just written about this.

If that is to go, then we've got a significant amount of downside to come in the coming weeks. And it feels like this rolls into the summer. If that's the case, and we could have a sharp correlation of one sell off where everything sells off at the same time and every position gets taken out and shot.

So whether you're long oil, long gold, long gold miners, short bonds, all the trades, everyone's got on the whole look that's taken out, including the equity markets.

Be really careful. We knew that the interest rate market was going to break something feels like it's going to break the equity market. I think growth will follow, meaning that the growth, the economy will follow.

I do think eventually this is the thing that's going to stop the bond market rising and the turnaround and yields that I've been looking for.

So it's part of my big picture of you. I didn't think we're going to get accelerated downside and equities. I thought something else would break first whether it was going to be China or Japan, but it feels like it's potential to be equities.

So look, there's no certainties out there. I don't know. I have been buying the kind of riskier growth names into weakness over a period of eight weeks.

I've only just started that. So I'm kind of looking for this downside to their into positions of stuff that I want to get into.

I know a lot of you interested in crypto. Obviously what crypto will get caught up in this and will go low. But I think we're all used to that going up and down right now.

I don't think it takes out the low. So I think it's just more noise within this wide sloppy range. We've been in for the last year and a bit.

But it could scare a few people. So look, just be careful out there. There's no certainties. I don't know. I'm not trying to sound the alarm.

I'm just trying to sign the caution to say look, be careful. Things are uglier than they seem and the interest rate market as ever is going to break something right at the top of the

chance of truth. Something always breaks and it feels like it's going to be everybody's portfolio. Good luck.

It's a lot to take in. I saw that. I was like, wow. Okay. Clearly, you know, Ralph's concerned in the idea that something's going to break and it's something that everyone's portfolio.

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