RED ALERT: Major Divergence Between Smallcap Stocks And HY Credit Risk, Credit Spreads Have Troughed, S&P Tech To Financials Ratio Has Not Been This High Since The Tech Bubble...

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#FANGMAN stocks hit fresh highs as investors continue to lean into secular winners 8yrs into current econ expansion. Amazon has crossed $800bn mkt cap for 1st time. Tech returns have been justified by fundamental growth, valuations much lower compared w/prev bubbles, Goldman says pic.twitter.com/7pFeZOfKff
— Holger Zschaepitz (@Schuldensuehner) June 4, 2018

https://twitter.com/OccupyWisdom/status/1003709738062884867

pic.twitter.com/F7CobpoxK2
— Alastair (@StockBoardAsset) June 3, 2018

US 🇺🇸
Growth expectations indicate the Fed will rase rates further.
Consensus expects 2.8% growth for every quarter until mid-2019, lower unemployment and higher wages.
Beware: most Europe and EM debt shows unsustainable risk-reward ratios at these levels. pic.twitter.com/iD7tkVVXb6
— Daniel Lacalle (@dlacalle_IA) June 4, 2018

Real Yields In Emerging Markets Are Not Showing Attractive Returns vs Developed Markets, Just The Obvious Currency and Inflation Risk.
Falling for the Nominal Yield Trap is Nothing New, But Very Dangerous…. pic.twitter.com/KtKKJZ6U8l
— Daniel Lacalle (@dlacalle_IA) June 2, 2018

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