Investor Stock Exposure Highest Since Last April
Every aspect of our lives is controlled by corrupt idiots. We get to choose between ESPN and the Kardashians. Apparently most people don't mind that fact. Of course everything they've worked for their entire lives will be flushed down the drain overnight when an errant algo can't keep Exxon pinned to recent highs...Only Central Bank bullshit is pinning this fabrication at all time highs, as shorts covered ahead of the Fed next week...
"There was no sign"
Global Dow
For the first time in seven years all sectors have rolled over
To celebrate, gamblers threw good money after bad at the all time highs...
Earnings Yield:
Only the biggest chumps are buying this market...
Barron's April 23rd, 2016:
Big Money Pros Turn Cautious On Stocks
Y2K Deja Vu:
Tech got monkey hammered this week, as 30,000+ layoffs and history's largest stock buyback couldn't meet Wall Street's ever-greater expectations...
Same for Google, sorry but 17% growth doesn't meet "Street expectations"...you will have to lay more people off next quarter...
Friday it was Financials to the rescue ahead of next weeks' Fed circle jerk. We've seen this movie before...
So it's now all up to the Energy trade which has been reduced to two stocks - 2x overvalued Exxon and 4x overvalued Chevron, as the "bullish" oil thesis now rests upon the hope that the rest of the oil sector goes bankrupt to alleviate oversupply. You can't make this shit up...
Chevron:
Widely ignored this week, is that U.S. crude inventories reached another ALL TIME record high...
Oil speculative longs clung to their hopium...
Also ignored, China resumed debasing their currency...
JPY Had a big short-covering rally
All of which was construed as uber-bullish...
23.9% Bears
No hedging
Index Put/Call
No hedging
Out of the money put options (Skew):
