S&P earnings yield (E/P):
Volume moving averages aka. institutions selling...
There's only one way to describe this globalized clusterfuck: Con job. Central Banks generated risk asset momentum and conned sheeple into following that momentum, creating a momentum feedback loop. The more people bought into it, the more they rationalized the irrational. Gamblers invented the fake narratives to go along with the con job.
The 0% Faustian Bargain
Anyone seeking "yield" has been systematically obliterated. This cycle is doing to capital what 2008 did to labour - total annihilation. Liquidity flows are a zero sum game - flowing out of one asset/sector, on to the next, one by one pumped and dumped.
Now liquidity is draining out of every asset class interrupted only by short-covering ahead of Central Bank meetings and bogus oil conferences.
The greater tool dominoes...