Keeps getting worse. Another contrarian indicator at its highest level in 40 years!

via Otavio (Tavi) Costa:

Consumer confidence-to-sentiment ratio at a cyclical high?
Happened prior to every recession.

Now spiking after sentiment had its worst monthly drop in 7 years.

Stocks never looked so toppy.

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Oil E&Ps now below GFC levels!

Not the only problem:

Industrials, financials, health care, materials, energy.
All peaked in 2018.

Broad leadership is long gone!

Copper -37% in 5 months.
Gold/oil ratio surging.

We have a structural problem.

Overall bear market next?

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