Unfortunately, this is only about one thing. Guess what happens next...
This current RISK ON circle jerk has violated every rule of risk management known to man. The central tenet of risk management 101 is diversification - don't put all of your eggs in one basket...
As always, don't take my word for it:
We've never seen anything this dumb before:
Everyone can breathe easy, because the recession trade is back on in size. The fake reflation trade is officially dead again. Not only are tech stocks driving the casino, but the largest cap tech stocks are what is keeping it levitated:
"The S&P 500 is almost always up when tech stocks are up."
"On the other hand, the S&P has almost no chance of gains without tech stocks rising"
The only problem is that only the largest stocks are still rising:
The other half of the deflation trade, is no longer working. Today these stocks caught a bid, but the implosionary trend line beckons...
The fake reflation trade is officially dead again
Banks
Small cap stocks are signalling that tax reform is DOA:
The fracking rally is running out of gas
Dow Transport theory is imploding in broad daylight, as another Fed balance sheet rolloff takes its toll:
Volume is of course rising
Healthcare has been pre-imploded
Within Tech itself, Wall Street's biggest IPO in 2017 is imploding again:
So it all comes down to this...
In this global reflationary circle jerk, Bitcoin is just the new fool's gold. And yes, Zerohedge did get it wrong in 2011 as well...
Gamblers who just fell off the turnip truck need to learn that trees don't grow to the sky...
