But seriously though...the rally is over

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As we expected, the markets bounced this week after Apple obliterated earnings on Friday. This followed a renewed bout of volatility as Jerry stepped to the mic to speak on the Fed's intentions. What did he say? Well...in the context of an exceedingly tight labor market, there is but one objective: battling inflation. But assured as everyone is that rate hikes are coming the question remains, when and how many? Uncertainty reigns in financial markets.

For guidance we return to the chart of (maybe truth): The S&P 500.

But with high flying technology names and crypto currencies foundering, we renew our debate about their near term prospects. Do they actually look so bad they're good? See NFLX, TSLA, BTC, etc.