Authored by Doug Kass via RealInvestmentAdvice.com,
“‘A bull market is like sex. It feels best just before it ends.'” – Warren Buffett
Excuse me for being redundant, but the following Jim Rogers quote that I posted yesterday underscores Mark Twain’s famous quote that “history doesn’t repeat itself, but it often rhymes”:
Emerging markets were much weaker than the S&P 500 from 2011 to 2016, underperforming the S&P by more than 60%. Over the past 10-months, Emerging markets (EEM) have been much stronger than the S&P 500. Below highlights the strength of EEM over SPY the past year.
CLICK ON CHART TO ENLARGE
In a continuation of trading patterns observed over the previous two days, on Thursday the global bond rout deepened in the aftermath of the release of President Trump’s tax-cut plan, Janet Yellen's recent hawkish comments and renewed optimism over the health of the U.S. economy.
This is what you're paying for, clients of Morgan Stanley. You get Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer, the most bullish of analysts on Wall Street, while also being the most bearish.
How wonderful.
Asshat, Morgan Stanley
S&P futures are set for a higher open (+ 0.1%) despite the expected hit to the Dow from Nike which is down over 3% on unexpectedly poor revenue growth, as European stocks gain while Asian shares dropped. Like yesterday when the big story was the jump in the USD ahead of Yellen's (rather hawkish) speech, so today the greenback's levitation has continued, this time propelled by today's unveiling of Trump's tax plan.