Gamblers are fully lubricated. Markets are not going to so much crash, as explode, from all time lies. Reflation won't be back until there is someone in the White House who actually gives a damn about the Middle Class, instead of yet another poser, merely pretending...
https://money.cnn.com/data/fear-and-greed/
"Let's try this again"
https://money.cnn.com/data/fear-and-greed/
"Let's try this again"
What was fear of recession just weeks ago has morphed into stark terror of missing out. Belief that the Fed successfully engineered a "mid-cycle adjustment" is now ubiquitous...
"The investment bank’s latest survey of global fund managers found that cash levels posted their largest decline since President Donald Trump’s 2016 election."
"I bought the rigged election and doubled down on impeachment"
"I bought the rigged election and doubled down on impeachment"
"Bank of America Chief Investment Strategist Michael Hartnett also said that manager global growth optimism surged by the most in 20 years to 18-month highs, a sign investors expect better manufacturing and profit numbers worldwide."
So much for two decade high pessimism
"Reflation is back"
Except it's not.
The last time we saw this headfake was at the top in 2015 (blue circle):
Where this gets interesting is that the last time we saw this much FOMO was on the left shoulder in January 2018. Which is why for some reason I am predicting this completes the head and shoulders top:
"There is, in fact, no trade deal with China. Trump’s negotiators haven’t even agreed among themselves what they want from China, making it a three-way negotiation between China and two factions in the White House.
Markets are still optimistic about some kind of de-escalation, because … Trump said so? Stocks have drifted up to new record highs lately, in part because of happy feelings on trade. But it’s worth pointing out that there have now been 13 negotiating rounds between U.S. and Chinese diplomats, and several claims of a breakthrough by Trump. The only thing that has come of it all has been escalating U.S. tariffs matched by intensified retaliation by China."
You know you're an optimist when...
The fastest growing public companies listed in the U.S.:
"global growth optimism surged by the most in 20 years to 18-month highs, a sign investors expect better manufacturing and profit numbers worldwide."
