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S&P Scores Longest Streak Of Record Highs Since 1998

Courtesy of ZeroHedge View original post here.

“This is madness”…

The S&P 500 has made 8 record intraday highs in a row – that is the longest streak since March 1998 (when the S&P managed 14 days of record intraday highs in a row)…

Friday saw a massive inflow of funds into SPY – the largest S&P 500 ETF – the biggest inflow since Dec 2014…

Source: Bloomberg

Additionally, Nasdaq up 9 days in a row – the longest streak of gains since July 2017…now the most overbought since Jan 2018…

Source: Bloomberg

Of course, much of this is helped by the sudden massive burst of Fed liquidity provided to ensure the repocalypse doesn’t happen into year-end. What few remember is that The Fed has done this before – in 1999/2000, The Fed announced special funding facilities because of fears surrounding the Y2K roll… and we know what happened right after that facility was lifted…

Source: Bloomberg

h/t @JulianM2

*  *  *

Chinese stocks had an ugly session, extending Friday’s losses…

Source: Bloomberg

European markets were mixed with FTSE higher and Italy lower…

Source: Bloomberg

US markets were higher today early on, led by Dow Industrials (which lifted on Boeing’s gains), but faded broadly into the close…

Boeing’s CEO is fired and the stocks jumps 3%, adding 60-plus points to The Dow…

Overall volume was around 30% below average

Source: Bloomberg

After a big week for Defensives last week, Cyclicals outperformed today…

Source: Bloomberg

Tesla stocks topped $420… but bonds ain’t buying it…

Source: Bloomberg

After the expiration chaos at the open on Friday, VIX has gone higher along with stocks…

Source: Bloomberg

Treasury yields were uniformly 1-2bps higher…

Source: Bloomberg

With a weak 2Y auction bid-to-cover, and 30Y pushed gently up to last week’s yield resistance…

Source: Bloomberg

Bond speculators added to their shorts last week, pushing back near record shorts; and at the same time, eurodollar futures specs slashed their speculative positions by the largest amount in history… (reducing rate-cutting bets by the most on record)

Source: Bloomberg

The dollar ended unchanged, rollercoasting in a narrow range intraday…

Source: Bloomberg

Yuan drifted lower (totally decoupled from US stocks post-trade-deal)…

Source: Bloomberg

Cable continued to sink post-election euphoria, breaking below 1.30…

Source: Bloomberg

Cryptos pumped and dumped intraday with Bitcoin and Litecoin outperforming…

Source: Bloomberg

Bitcoin neared $7700 intraday, almost $1300 off the lows last week…

Source: Bloomberg

Silver ripped higher on the day, and Gold gained as copper and crude eked out tiny gains…

Source: Bloomberg

Silver surged back above $17.50…

Silver has dramatically outperformed gold in the last few days, now at its richest relative to gold since Nov 7th…

Source: Bloomberg

Finally, we laughably see Apple’s market cap has increased almost$600 billion in 2019…

Source: Bloomberg

As its earnings expectations have been anything but higher…

Source: Bloomberg

But with the S&P up 28% YTD, US macro data is practically unchanged…

Source: Bloomberg

As The Fed balance sheet has now risen at the fastest YoY pace since Aug 2015

Source: Bloomberg

But, it’s not QE4

Even though it shifted sentiment from “Extreme Fear” to “Extreme Greed” in that time…


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