S&P

Another month, another all time high in Americans' confidence in the US economy.

Things are rapidly changing for the hedge fund world, and not just in terms of chronically underperforming the S&P, which as the following chart from Goldman demonstrates, they have on 10 of the past 14 years, leading to relentless redemptions...

... but also in terms of crushing once pristine, seemingly untouchable reputations. Case in point: famed stock picker Julian Robertson and his Tiger Cub"proteges have ruled the Wall Street jungle for decades. After a down 2016, their reign is being challenged.

OK - so, China tightens (worried about leverage), European sovereign risk spikes (Election uncertainty everywhere), Yen surges (BOJ tested again), gold spikes, Treasury yields tumble.. but US stocks are flat and VIX tumbles...

Submitted by Jason Leach via FusionPointCapital.com,

The last time we heard from Dennis Gartman, he has just turned bearish due to a peculiar "catalyst": he had just seen the infamous Barron's "Dow 30,000" cover (with a two day delay) which prompted him to say that "we would very much like to think that Dow 30,000 shall eventually be upon us, and we very, very much would like to believe that any further weakness in  stocks is to be bought, but at the moment we have very serious doubts to that effect…. Very, very serious doubts." Shortly after, the Dow spiked above 20,000 again, and the S&P closed Friday just shy of all time highs.