The Hall Of Smoke And Mirrors

After 2008, the economy was never coming back from stock buyback land, so Central Banks engineered human history's largest short-covering rally. Sector by sector was pumped and dumped, leaving active managers fully obliterated. The market is currently led by serial laggard revenueless Biotech. What could go wrong?

But first, the dogs of the Dow are the highest yielding Dow stocks. The ETN that tracks them is now up 82% YTD, providing about 5 years' worth of yield in 5 months...

Desperately seeking yield:

Hyper-deflation visualized
German Bund Futures (bond price) are enjoying a one-way rally, compliments of Europe's experiment with paying people to borrow printed money. And charging people to save aka. total desperation. 

Really, what could go wrong?

The last shall be first...
The leading stock sub-sector this past week:

The Clinical Trials Biotech ETF is up 30% in three weeks, consisting of stocks that have no product, no revenue, and no customers...

Aside from the freak show, I leave you with this chart of the Dividend Yield Fund. Or what I call "VIX 200"...

Aside from Municipal Bonds, this is the most over-crowded trade on the planet. And there's no way out.

As long as revenueless Biotech doesn't roll over, this will all be fine...

JnJ was the leading large cap today...