Despite the constant clamor of money-on-the-sidelines (which Cliff Asness has summarily dismissed as being idiotic) about to take stocks on their next leg higher, and near-record high bullish investor sentiment, it appears institutional selling is doing nothing to affect the 'euphoric' levels of risk-to-reward in the markets.
Full of bull...
Biggest sales by our clients in our data history (since 2008).
Submitted by Kevin Muir via The Macro Tourist blog,
...on Yardeni , stocks , CRB Raw Industrials , initial jobless claims , consumer confidence.
Years ago I stumbled upon this interesting stock market indicator created by famed strategist Ed Yardeni. I was intrigued because contrary to most equity models, Yardeni’s formula did not include the traditional inputs of earnings or interest rates.
Does it make sense to any of you that Obama kept American tax rates at 35% during his administration, all the while burdening business with heavy regulatory fees, in spite of the fact that he presided over an economy that failed to break the 3%+ growth GDP for the first time in America history?
If I was a conspiratorial type, I'd suspect he was trying to hamper the economy on purpose.
Via Dana Lyons' Tumblr,
Despite the major averages’ continued drift near all-time highs, volume moving into advancing stocks has been historically light.
Asian stocks hit their highest level in 18 months, with positive momentum lifting European shares which were helped by Societe Generale earnings. Yields fell on some of the euro zone's battered low-rated bonds as investors put aside the political risks that have dominated markets this week. After trading flat, S&P futures bounced as US traders walked boosted by a spike in the USDJPY, ahead of earnings reports from Coca-Cola, Reynolds American, CVS Health, Nvidia and Twitter.