What Does the "Normalization" of Bond Yields Mean for Stocks?

In this week's edition, we discuss how Kevin Warsh's comments in Jackson Hole should not just be seen as hinting towards a more hawkish stance by the Fed, but he also told investors that the "Fed put" will only be used during times of crisis in the future.  In other words, he's going to let the markets trade on their own much more than several of his predecessors have done over the past 15 years.  We also discuss the continued divergence between the S&P 500 and the semiconductor stocks...and why that is a yellow flag for investors as we head into the seasonally tough time for the stock market......We also discuss why a couple of specific energy stocks are poised to outperform over the rest of this year.....Finally, we cover why those who see today's action in the bond market as a "normalization" of long-term interest rates...should also be looking for a "normalization" of stock market valuations (lower).