"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:

• S&P's best year since 1997

• Gold's best year since 2010

• 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.