Since the early close last Tuesday, the S&P 500 is up 80 points, The Dow is up over 700 points... but 30Y Treasury yields are unchanged and the yield curve has tumbled?
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Bonds must be wrong, right? They are manipulated, right? Stocks must be the arbiter all of future knowledge - just like they were in 2008?
Still, as Gluskin Sheff's David Rosenberg points out, anyone questioning the bull thesis is lambasted...
"I'm accused of 'confirmation' bias and yet last I saw, the broad NYSE composite is no higher today than it was back in December, and has not made a new high since Jan 26th. Sounds a whoooole lot like a classic topping pattern..."
Doesn't look like a 'rebound' as much as the other indices so dominated by FANG etc.
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This won't end well...
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h/t: @carlquintanilla
As Rosenberg concludes - " Think 1989, think 2000, think 2007".
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