It has now been one year since The S&P 500 reached record highs - proclaimed by all as proof that the recovery was real and that 2008 was dim and dismal thing of the past that could never happen again...
Small Caps (-11.65%) and Trannies (-10.25%) are the worst performers since the S&P peaked on May 21st 2015 closing at an all-time high of 2130.82
Energy stocks are the biggest laggard while utilities lead over the past year...
It all started about three years ago when we first advised readers who were inclined to so gamble, that the only way to win in a rigged, maipulated market, one in which central bankers are now Chief Restructuring Officers and will not allow even a modest correction to asset prices, that the easiest way to generate "alpha" was to go long the most hated names.
Then, in mid-February, just as the market had bottomed and was about to unleash a historic short squeeze, we had a follow up article, in which we explained in very simple terms "how to outperform most hedge funds in 2016."
Now that 13-F reporting season is over, we have the data to compile who bought, who sold, and what the top holdings of the largest hedge funds are.
To help in that endeavor, we used the latest Q1 Hedge Fund quarterly ownership highlights courtesy of FactSet. This is what it found:
Via Dana Lyons' Tumblr,
The prices of industrial metals have dropped to a near-record low level relative to precious metals, a trend that has had larger negative consequences in the past.
It will be fitting, not to mention symmetric, if stocks which yesterday closed at 7 weeks lows and red for the year, end the week the same way they started it: with a rally on no news, just more hopes that oil (which as recently as two years ago none other than Chair Yellen said said would be be "unambiguously good" if lower) will continue rising.