Last 14 Julys, the S&P 500 had exactly one red month. And what crypto's done in July is equally interesting. But the month isn't the real big story. This is: Crypto hasn't reversed yet, and a lot of people want me to admit I'm wrong about my cycle theory. I'm not ready to... Every cycle, crypto is the last domino to fall in the sequence, after PMI, Russell 2000, copper/gold, which have all turned. Just because crypto has not reversed, does not mean it will not. The next hint is the 10-year yield. If the market front-runs those big erasers Warsh noticed on the Fed's pencils, it shows up in yields first, disinflation headlines right behind it, right after the majority are done panicking about rate hikes.(Dan Gambardello)