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Gartman: "The Proper Course Of Action, Obviously, Is To Be Long Of Equities But Fearful"

We were surprised to note yesterday that even some of the legendary market "bears" appear to be throwing the towel in light of the relentless Trumpflation rally which will not stop until 20K is in the rearview mirror, when we noted that even Bob Janjuah said that "the trends over H1 2017 should be higher (especially US) equities and yields, steeper curves, a stronger USD, and mixed performance in credit (especially in the IG sphere) and EM....

The Bears Are Dying: Even Bob Janjuah Turns (Somewhat) Bullish

For evidence that the market bears are all but extinct look no further than the latest letter from erstwhile bear Bob Janjuah, in which the Nomura strategist throws in the towel in a near-term correction and predicts that "the trends over H1 2017 should be higher (especially US) equities and yields, steeper curves, a stronger USD, and mixed performance in credit (especially in the IG sphere) and EM.

Global Stocks Jump, Dow Set For 16th Post-Election Record High After UniCredit Restructuring; Fed Looms

Yesterday's brief hiccup in what has been an otherwise relentless rally in global risk assets is all but forgotten this morning, as European and Asian stocks, and US equity futures, all rise in quiet trading ahead of tomorrow's FOMC meeting, with the Dow set to make a 16th consecutive post-election all time high.

Fake Out: A Rally Built On 'Hot Air'

Fake Out: A Rally Built On 'Hot Air'

Via NorthmanTrader.com,

Right at the time when markets were making new highs recently I mused whether this rally was based on hot air. I wanted to follow-up on this assessment in light of the recent small pullback and provide an update of some of the technical signals. The bottom line: The technical evidence appears to build on the “hot air” message and suggests that new highs may have been a fake out.

Global Stocks, Futures, Commodities, Dollar Fall Ahead Of Payrolls, Italy Vote

Did Jeff Gundlach do it again? Shortly after the DoubleLine manager told Reuters yesterday afternoon that the Trump rally is ending, that "stocks have peaked" and that it is "too late to buy the Trump trade", US stocks tumbled to session lows, and have continued to drop overnight, with S&P futures down 0.3%, alongside sliding Asian and European markets; oil and the dollar are also down with the only asset class catching a bid are 10Y TSYs, whose yields are lower at 2.43% after reaching an 18 month high of 2.492% overnight ahead of today's nonfarm payrolls report.

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