Either commodities continue to lead the RISK ON rally thereby imploding consumers via higher gasoline prices, or commodities roll over immediately thus imploding record-leveraged gamblers sooner rather than later. Either way, denialists are between a rock and a hard place...
Ironically, gamblers were exhorted to buy this latest dip off of the 200 day ahead of record corporate earnings generated by the tax cut. There's only one problem:
ZH: Corporate Buybacks Won't Return For Weeks
The strong corporate numbers are hardly a surprise...as a result of Trump's tax reform and rising oil prices, Wall Street has been expecting blowout numbers..."
"April is one of the weakest months for the buyback basket"
Just as Chinese small caps were the canary in the coalmine for global risk off in 2015, in this era, Bitcoin was the warning that the risk cycle is ending:
April 19th, Etrade First Quarter Results
Daily Average Revenue Trades (DARTs) of 309,000, a Company record, including derivative DARTs of 98,000, a Company record
Customer margin balances of $10.5 billion, a Company record
Net new brokerage accounts of 60,000
Net new brokerage assets of $5.3 billion, a Company record