f you look really hard at the chart you may notice the one "asset" in the world that 'agrees' with US equities......
Commodities (AKA reality) versus Stocks (AKA pot-induced fantasy)
S&P value versus Motherfucking Central Bankers
Treasury versus Stocks
NASDAQ versus earnings
The S&P versus Reality
CDX HY 5 year CDS spread rounding bottom / falling wedge breakout
US Macro Surprise Index to its weakest level in over two years...
CBOE's Equity Put/Call Ratio 21MA is below its lower band, working without a net Q2 quad witch.
It seems fairly clear that Risk-Parity leverage is running the show here on the back of 100s of billions of centra...
So what happens when The Fed balance sheet normalization begins?
US macro data crashed to its weakest since Feb 2016 (when the world was worried about global recession)...
Of course this is happening as breadth collapses... the last time this happened was in 2015 and led to the crash s...
Profits not aligned with the actual economy
"It Fell Off A Cliff": Morgan Stanley's Macro Indicator Just Crashed The Most Since Dec. 2008
The last time US Macro and stocks decoupled like this was in mid 2015 and did not end well for stocks...
US Macro Data Crashes To 1 Year Lows
How Amazon Killed The Department Store, In Five Charts | Zero Hedge
The death of traditional retail
'Soft' Data Collapses Back To 'Hard' Data Reality
This is the biggest crash in US Macro data in 6 years...
Goldman Warns The Gap Between Stock Investors' Hopes & Reality Is Close To An All-Time High
Sentiment on crude suggests a breakdown
SPY short interest falls to the lowest level since 2007
The long-end of the Treasury market curve has practically dismissed any hope of Trumpflation growth...
For a market relying more on liquidity than fundamentals, China’s worsening monetary conditions index suggests t...
Global Financial Market Stress Soars To 2017 Highs | Zero Hedge
Bank of America Merrill Lynch’s Global Financial Stress Index climbed to 0.24 last week, meeting the peak reache...
Massive divergence between S&P and the Fed balance sheet
Stocks and Bonds; Critical change of direction in play
Durable Goods Orders have gone nowhere for five years...
But while VIX was slammed, SKEW hit a record high!!
Below compares the performance of the S&P 500 and Real Estate ETF (IYR) over the past 10-years. Since the highs in...
And the utter lack of breadth in the market's most recent advance...
Something is very broken with market internals - McClellan Oscillator is crashing as stocks hold near record highs...
Henrich notes that the McClellan Oscillator's plunge implies a VIX around 16-21... it's at 11.45! This has never h...
Margin Debt Inverted
At the suggestion of Mark Schofield, Managing Director at Strategic Value Capital Management, LLC, we've created t...
The problem for those waiting for 'hard' data to catch up to 'soft' data is - it never has.
Who's right? Bonds or the dollar?
Market divergence #9,839,923 - durable goods versus the $INDU
Logic? in your opinion?
More to come
Ouch!!! Black swan event???
Not that fundamentals even matter, but......
A bit of a divergence
XLE warning for what's coming? ...Or are oil traders right? (OVX is oil volatility)