Sentiment and liquidity are important factors driving the market rally of 2019. But we must also take into account the reality of earnings and macro to avoid beta-chasing and momentum risk building.

Sentiment and liquidity are important factors driving the market rally of 2019.

But we must also take into account the reality of earnings and macro to avoid beta-chasing and momentum risk building. pic.twitter.com/Kjre0m4btk

— Daniel Lacalle (@dlacalle_IA) February 24, 2019

PERMABULL: US will never see a bear market

Normal person: what about Europe, Asia, & all the other countries already entering recession?

PERMABULL: won’t affect the US markets

Normal person: 50% of all $SPX revenue & profits come from foreign countries

PERMABULL: buy $SPY

— OCCUPY WISDOM (@OccupyWisdom) February 23, 2019

Global stocks continue their V-shaped recovery despite a very uneven set of economic indicators and below avg global earnings season w/big misses. Stock mkts have gained another $1.5tn in mkt cap this week bringing ytd gains to $7.1tn, equal to combined GDP of Japan & India. pic.twitter.com/Sd1VgxZuwK

— Holger Zschaepitz (@Schuldensuehner) February 23, 2019