"They're keeping the rates down so that everything else doesn't go down... The only thing that is strong is the artificial stock market." - Trump, 9/5/16
It's been a year of buying everything:
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S&P's best year since 1997
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Gold's best year since 2010
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Bond's best year since 2014
And all it took was $5 trillion in global liquidity!!!
Source: Bloomberg
Remember, correlation is not causation... especially when your salary depends on it...because this rally in stocks is all about the fun-durr-mentals...The S&P 500 is up almost 30% and earnings expectations are down almost 5% on the year...
Source: Bloomberg
Chinese stocks were unchanged on the week...
Source: Bloomberg
US majors started weak today, rebounded, then ended weak... Nasdaq ended its winning streak...
US Small Caps lagged on the week as Nasdaq soared (the S&P is on the verge of its best year since 1997)...
Nasdaq bounced perfectly off 9,000 intraday...
The Dow bounced off unchanged twice...
AAPL had a more volatile day than normal... was the guy in charge of buybacks taking some time off?
Still doesn't really matter eh?
Source: Bloomberg
We also note that AAPL rejected the Fib 161.8% extension of the late 2018 collapse...
Source: Bloomberg
Something has changed in the last couple of days with AAPL...hedging the huge gains into year-end?
Source: Bloomberg
Even TSLA was red today but has a long way to catch down to un-exuberant bonds...
Source: Bloomberg
VIX has notably decoupled from stocks this week...
Source: Bloomberg
The open was yet another short squeeze but it didn't last and stocks dumped. But were rescued into the European close by another squeeze...
Source: Bloomberg
Treasury yields ended the week 3-5bps lower
Source: Bloomberg
10Y yields broke back below 1.90%...
Source: Bloomberg
The Dollar plunged today (biggest single-day drop since Sept 4th)...
Source: Bloomberg
This is the 3rd weekly drop in the last 4 weeks, to its weakest close since July...
Source: Bloomberg
As the dollar has slipped, Yuan has drifted very quietly sideways, apparently pegged around 7.00...
Source: Bloomberg
The pound inched higher this week after last week's bloodbath, ending back at pre-election-spike levels...
Source: Bloomberg
Bitcoin was unchanged on the week with Bitcoin Cash surging today to lead on the week; Ripple and Ethereum lagged...
Source: Bloomberg
Bitcoin has been relatively stable for two week weeks (despite the pump and dump)...
Source: Bloomberg
Commodities were all higher as the dollar tumbled, but PMs trumped crude and copper...
Source: Bloomberg
Silver topped $18 on the week (though fell back below today)...
And gold topped $1500 and held it...
Silver has outperformed gold for the 3rd week in a row...
Source: Bloomberg
And WTI Crude has accelerated beyond its uptrend channel...
Copper has now risen for 6 straight weeks - the longest streak since Sept 2017...
Source: Bloomberg
Finally, investor greed has reached peak-extreme...
And hedge fund exposure to the US equity market is exploding...
This won't end well.
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