World stocks hit new record highs on Tuesday amid a continuation of Monday's risk-on theme which unleashed a dramatic relief rally on easing North Korea tensions and signs that Hurricane Irma caused less damage than feared (which according to Keynesians should be GDP negative). The MSCI All-Country World Index gained 0.2%, hitting the highest on record with a fifth consecutive advance.
From Garfield Reynolds, Bloomberg FX, bonds and commodities macro commentator
Trading a Market That’s Both Beautiful and Damned
Instead of the daily Bill Blain commentary (who today is caught in a deeply introspective debate whether or not climate change is or is not man-made) here are some observations from his Mint Partners stock-picking colleague, Steve Pervis, on where we are, and where the market may be going next.
MARKET-TECHNICAL PICTURE
Friday was another one of those days when the market basically went nowhere. Therefore, as we have stated time and time again, when the market doesn’t move, the technical picture doesn’t change.
And we're back at all time highs.
Authored by Lance Roberts via RealInvestmentAdvice.com,
Last week, I noted:
“I have a sneaky suspicion that when I update the Fed Balance Sheet reinvestment analysis next week, shown below, we are going to find a substantial, well-timed, reinvestment by the Central Bank. Wanna bet?”