"probably nothing..."
The Treasury yield curve continues to plumb new cycle lows with 2s30s now below 94bps and 5s30s testing below 60bps...
If the tax deal is so 'growthy' - why is the yield curve signaling degrowth?
Who's right about growth? Bonds or Stocks?
"Last week, after making new highs, the NASDAQ “reversed” to the downside. It bounced from there, but yesterday’s action was horrific, for having opened sharply, violently, surprisingly higher, by the day’s end the NASDAQ was sharply, violently, surprisingly weaker and it was so even as the Dow finished higher on the day, albeit materially below its peak. This morning, as we write, the Dow futures are higher but the NASDAQ is weaker… again!" - Dennis Gartman
Another dip to be bought as the weekend's pump'n'dump in Bitcoin has led to yet another new record high this morning at $11,850.
Bitcoin's market cap is now $200 billion...
This resurgence comes after a week of considerably more active propagandizing from the establishment.
The US trade balance surprisingly blew out in October, increasing from $44.9 billion to $48.7 billion, as unexpectedly exports decreased and imports increased despite the ongoing dollar weakness, missing estimates of $47.5 billion. October's number was tied for the widest deficit going back to early 2012...
... and marks a stark divergence with the recent dollar weakness which would suggest an improvement in US trade data.
Authored by Lance Roberts via RealInvestmentAdvice.com,
Since the election, markets have accelerated the pace of the advance as shown in the chart below.
The advance has had two main story lines to support the bullish narrative.