S&P 500

Authored by Pater Tenebrarum via Acting-Man.com,

An Astonishing Statistic

In 2017, stock issuance by SPACs has made a new post-crisis high, surpassing the last peak in 2007 which saw the equity market peak in October of that year prior to the crisis. Before we go any further, we’d better define a "SPAC" just in case you’re unfamiliar with the acronym, although they are also often known as “blank check” companies or “blank check" IPOs. From Investopedia.

Since the 2009 stock market lows, investors have looked to the Semiconductor sector for strong returns and market leadership.

Just check out the performance numbers vs the broader stock market: Semiconductor ETF (SMH) +494% vs  S&P 500 +262%.

With numbers that double those of the S&P 500, it’s fair to say that the Semiconductors have provided important leadership for this bull market.

After an early slide last night following the stunning news that Doug Jones had defeated Republican Roy Moore in the Alabama special election, becoming the first Democratic senator from Alabama in a quarter century and reducing the GOP's Senate majority to the absolute minimum 51-49, US equity futures have quickly rebounded and are once again in the green with the S&P index set for another record high, as European stocks ease slightly, and Asian stocks gain ahead of today's Fed rate hike and US CPI print.

Authored by David Stockman via Contra Corner,

The entire financial and economic narrative in today's Bubble Finance world is virtually context- and history-free; it's all about the short-term deltas and therefore exceedingly misleading and dangerous.