We begin today's end of day catch up with a report from The Onion that seemed highly appropriate:
NEW YORK - According to a brief but conclusive report released Monday, nobody fucking cares.
“Doesn’t fucking matter,” read the report in part, which went on to inform readers that no one gives two shits, so fuck it. “Seriously. Stop wasting everyone’s goddamn time.”
In a world of increasingly more negative interest rates, one group is impacted more than most: pensioners who had relied on fixed income to fund their retirement years who are slowly discovering that as pension funds are unable to meet their annual 6-7% return target, that the pensions promised to them will never materialize, or worse be haircut by 50%, 60% or more.
A little over a month ago, conventional wisdom (and overrated pundits) said that Trump has no chance of being the republican nominee. They were all wrong, but so was the market which continued to ignore the possibility of a Trump presidency until well after the fact. And, as always happens, now is when if not the market, then certainly Goldman's clients are finally trying to catch up. As Goldman strategist David Kostin (who just one week ago warned that there is now a substantial risk of a market drop ahead of the year end), writes "Politics is now a topic in every client discussion."
With the stock markets vertical drops and pops this week, the following just seemed appropriate...
It has now been one year since The S&P 500 reached record highs - proclaimed by all as proof that the recovery was real and that 2008 was dim and dismal thing of the past that could never happen again...
Small Caps (-11.65%) and Trannies (-10.25%) are the worst performers since the S&P peaked on May 21st 2015 closing at an all-time high of 2130.82
Energy stocks are the biggest laggard while utilities lead over the past year...