Since Powell backtracked and the PBOC stepped up liquidity injections, global money supply has roundtripped to March 18 levels.
Forget earnings or macro. This is why markets have rallied. pic.twitter.com/ANxj0EcdD1
— Daniel Lacalle (@dlacalle_IA) February 5, 2019
The lesson central planners think they have learned from 87, 00-02, 07-09, & 18 was not "do not fuel speculative bubbles" with overly easy money or "allow markets to set the price of money"–it was "don't let them pop." This likely presents unique risks most haven't considered.
— Brent Carlile (@BrentCarlileFX) February 5, 2019
global euphoria continues in EU & US pic.twitter.com/2AtqW8boiN
— Alastair Williamson (@StockBoardAsset) February 5, 2019
Dr Copper close to overbought, and still within the global disinflation-slowdown range pic.twitter.com/QCjeJ2NflX
— Daniel Lacalle (@dlacalle_IA) February 5, 2019
global shipping rates continue collapse pic.twitter.com/vciDap3TN0
— Alastair Williamson (@StockBoardAsset) February 5, 2019
I was just taken to task in a TV interview on my recession view. I didn’t realize at the time I was defending it that the Fed’s senior loan officer survey for Q1 was being released – both the supply and demand for household and business credit is either slowing or contracting
— David Rosenberg (@EconguyRosie) February 4, 2019
The S&P 500 is now up at least +16% in the last 30 trading days (from an intraday low).
That HAS to be bullish for $SPX, right?
Not necessarily.
A lot of times it certainly is.
Some times, it's just a big ol' bull trap. pic.twitter.com/3ttqSnnPmB
— OddStats (@OddStats) February 4, 2019