We've Seen This Movie Before

Please be patient while Wall Street pushes its last junk out the door...

The IPO ETF:

Apparently these low volume low volatility drives to all time highs are to push as many IPOs out the door ahead of the crash as possible. 2017 IPO proceeds year to date are running a mere 392% ahead of last year. There's only one problem, which is that the most recent IPOs from last week are already tanking...

But don't take my word for it:

Anytime a weekly IPO calendar is set to raise over $1 billion, it should draw interest. This week is shaping up that way, but investors’ feedback is not all that exciting. 

For the first week of May, the IPO calendar produced six deals. They raised $1.96 billion. Most of these IPOs flip-flopped in the aftermarket.

By the close on Friday, May 5, four were in the winner’s circle, while two were underwater and the average gain for all six IPOs was a minus 0.29 percent. That’s right – a minus 0.29 percent.

Speaking of seeing this movie before...

Bank stocks are ready to get pounded lower for the last time...