NASDAQ 100

Following days of vocal and in some cases quite vivid warnings and predictions that the resent record ascent in the S&P is unsustainable and is set for a sharp correction from some of the most prominent names in finance including Howard Marks, Paul Singer and most recently Jeff Gundlach, here is Bloomberg's Mark Cudmore who has now also cast aside his recent bullishness, and in his overnight Macro View piece warns that we may have seen the highs of the S&P for the summer, if not the year.

S&P 500 May Have Just Topped Out for the Summer

Authored by Mike Shedlock via MishTalk.com,

John Hussman’s report this week, Estimating Market Losses at a Speculative Extreme, has an interesting chart on Median price-to revenue ratios over time. Let’s dive in.

I added the dashed blue line for ease in comparison to the dot-com bubble peak. Here are some snips from Hussman.

Authored by David Stockman via The Daily Reckoning,

Approximately two months before the election on September 10th I locked down the final draft of my book, Trumped!

In the opening sentence I ventured the following opinion, which was most certainly not in the mainstream at the time:

FIRST THERE WERE 17. THEN LITTLE MARCO, LOW ENERGY JEB AND LYIN’ Ted were gone. At length, there was one. And now there is even a chance he may become President.

The following article by David Haggith is from The Great Recession Blog: 

Nasdaq 100 futures jumped 0.8% after Apple surged to record highs following a strong beat and optimistic projections ahead of the launch of the company's new batch of iPhones. Eminis are little changed, up 0.1% to 2,475, trailing Asian markets, while European stocks and crude oil fall.