Three Keys to a Bottom- Updated

A month ago we identified three events that we believe need to happen before we can confidently say a bottom is in for stocks, and there was some progress towards two of those “keys” over the past several weeks, we saw part of that progress undone over the past week, and it’s not surprising that stocks dropped sharply as a result.

 Key to a Bottom 1: Chinese Lockdowns Ease and Growth Recovers. How we’ll know: China Covid cases drop, Chinese PMIs rise back above 50 and the Yuan moves back towards (and below) 6.50 to the dollar (currently around 6.75 to the dollar)

Update: On Thursday Chinese authorities reinstituted...