Relative to GDP the second most expensive market all-time…. ‘Father of Reaganomics’ says ‘get out of the market’

Relative to GDP the second most expensive market all-time t.co/NMKoS3yabU

— GreekFire23 (@GreekFire23) February 23, 2019

‘Father of Reaganomics’ Says ‘Get out of the Market’

David Stockman, the so-called “Father of Reaganomics,” is at it again with his most recent prognostication of doom for Wall Street and the broader economy, even as the stock market tests fresh highs for the year.

The 72-year-old politician and businessman, who was the director of Office of Management and Budget under President Ronald Reagan in the 1980s, told Fox Business’s Neil Cavuto on Thursday that investors ought to get out of the market and retreat to the presumed safety of Treasury bills and cold, hard cash.

Capex….one time bump evaporating pic.twitter.com/5ehylGgsVJ

— M/I_Investments (@MI_Investments) February 23, 2019

Vol has been smashed even though Fundamentals are weaker, Political Risk higher, and Society more volatile.
This will reverse just as violently as it was smashed. t.co/COSLdx6ND7

— Paranoid Bull (@paranoidbull) February 23, 2019

Another wonderful data point to add to the following…
Short interest at the lowest level since 2012 and prior to that, "2007".
CTAs fully loaded on the long side.
Negatively divergent higher close today from an RSI, MACD, and DSI perspective.
Dump imminent? pic.twitter.com/qgqyyRMuwe

— David Brady, CFA (@GlobalProTrader) February 23, 2019

U.S. Durable Goods Orders and Philly Area Economic Conditions

Durable goods orders in the U.S. in December rose A SEASONALLY ADJUSTED 1.2%, with much of the gain coming from sales of commercial aircraft. Economists had expected durable goods to rise 1.4%. Orders for non-defense capital goods excluding aircraft, however, FELL A SEASONALLY ADJUSTED 0.7%, the Commerce Department said in the report, which was delayed because of the 35-day partial government shutdown that ended in January.

Meanwhile, the Philadelphia Federal Reserve’s business index fell to TO A SEASONALLY ADJUSTED NEGATIVE 4.1 in February, much weaker than economists’ expectations, from 17 in January.

Capex….one time bump evaporating pic.twitter.com/5ehylGgsVJ

— M/I_Investments (@MI_Investments) February 23, 2019

Just 9 weeks ago the Volatility Index closed at 30.11. Today it closed at 13.51. At -55%, that's the largest 9-week decline in history. $VIX pic.twitter.com/YTFkdCXx6E

— Charlie Bilello (@charliebilello) February 23, 2019