S&P futures gave up early gains and were trading down -0.2%, as Donald Trump completes his first Asian tour and as pressure mounts on U.K. Prime Minister Theresa May, sending the pound plunging. European stocks fell, tracking many Asian shares as the Nikkei plunge accelerated.
Investors piled $2.7 billion into QQQ (the benchmark ETF tracking the Nasdaq 100 Index) in the five days through July 14 as shares in the fund posted their biggest advance this year.
As Bloomberg notes, the biggest weekly inflow since September 2010 came as the tech-heavy index - with megacaps Apple, Amazon, Facebook, and Alphabet among its largest members - rebounded to within 1 percent of its record high.
Authored by Kevin Muir via The Macro Tourist blog,
Do you remember the opening scene of the movie Trainspotting? Renton tries to give up heroin. He decides to kick his junk habit cold turkey, and boards himself in his room. Even before he starts to feel the symptoms of withdrawal, Renton has ripped off the boards and is desperately searching the streets of Edinburgh for another hit.
Earlier we showed that when looking at asset returns in the first quarter, there were hardly any underperformers while positive returns were generous across virtuall all asset classes. What drove this outsized performance, which once again left most hedge funds and asset managers seeking to generate alpha in the dust? The answer: a continuation of the capital reallocation euphoria launched with the Trump election in November, which continued for the second consecutive quarter.
Almost one month ago, when the market was well lower and the VIX was quite a bit higher, we shared some "Bad News For The Bears: Gartman Will Be Long VIX Until The S&P Hits 2,118" which led us to conclude "Gartman has basically doomed the market to soar back to its all time highs. Sorry bears."
We were curious how Gartman is faring during this latest dramatic rout to his bearish stance. Here is what he said in his latest report: