From Art Cashin of UBS:
We've noted over the last two weeks that the Dow Industrials have been diverging from most other indices and particularly the Dow Transports. An important part of the divergence has been the relative narrowness of the rally in the Dow. In today's WSJ, Justin Lahart took note of the narrowness:
Every quarter, Apple manages to impress with its gargantuan cash hoard, which in Q2 rose to $262 billion (which however is $153 billion net of debt), a new all time high as shown in the chart below.
Via Global Macro Monitor,
Stephen Gandel of Bloomberg out with a good piece this morning on:
…shares of companies that have reported both better-than-expected profits and sales for the second quarter have barely budged this earnings season.
It’s the least fist-bumping investors have done for great quarters in 17 years. – Bloomberg
Is this the beginning of a catch up trade?
With just a hint of schadenfreude, we note that, following our discussion of "how to destroy an economy", India's Composite PMI collapsed to 46.0 in July - its lowest on record (well below the kneejerk lows after demonetization in November) as the "mind-bogglingly inane" new tax system and demonetization efforts continue to crush the poor and feed the wealthy.
Via Dana Lyons' Tumblr,
One survey finds the lowest investor cash position since the stock market top in 2000.