Friday, February 19, 2016


All World Index:

S&P w/Breadth (52 week range of average stock):

VXO/VIX ratio 
VXO is S&P 100 volatility (mega-cap). VIX is S&P 500 volatility (large cap):

Complacency, lack of hedging
All sectors below 52 week highs
Tech leadership obliterated
Defensive stocks leading
Cyclical/junk stock short-covering
Highest oil correlation since 1980
Profits imploding
All world indices peaked
40 bear markets globally
China/EM implosion
Gold rallying
Accelerating carry trade unwind
Collapsing momentum
Collapsed breadth
Credit spreads 2008 levels
Global banks imploding
Negative interest rates
Fed on hold at .25%
Realized volatility at 2008 levels

Central Banks ALL IN