This is the most concentrated market since the dotcoms; Financial conditions continue to tighten & market is ignoring.

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David Rosenberg: Strip out the 17% ($4 tln of market cap!) of the market that is Facebook, Microsoft, Apple, Amazon, Netflix and Alphabet, and the market has barely budged this year. This is the most concentrated market since the dotcoms; before that the Nifty Fifty. Heed Rule #7.

Financial conditions continue to tighten & market is ignoring. Some major downside if this gap closes.

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South Korea Consumer Confidence fading real hard

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