In an unexpected development, in his latest note the best market inflection point indicator alive, Dennis Gartman, has decided to pick on none other than billionaire Bill Ackman. This is the result:
To sum up today: "Investors" bought stocks, bonds, gold, oil, Yen, Loonies, Iron ore, high yield bonds... and VIX?
For those who have been forced to trade the market, or provide trading recommendations, the past few months have not been kind: we have seen several instances in recent weeks where a trader lost it, where a strategist - one as prominent as SocGen's Albert Edwards - blew up and admitted "I'm Not Really Sure How Much More Of This I Can Take", and even a central banker went off the rails saying he and his peers are "magic people."
Volatility-selling activity is continuing to drive the short-term performance of the S&P. Starved for yield, Ice Farm Capital's Michael Green explains that investors are selling volatility against their equity positions – and likely feeling their greatest risk is an upside move that takes them out of their underlying position.
Via ConvergEx's Nick Colas,
Today we offer up five market counterfactuals – “What ifs” – to both illustrate why large cap U.S. equities just closed near their highest levels of 2016 and consider the conventional wisdom about whether the current rally is sustainable.
Our home base: where asset prices and other trends started the year.