“Investors Have Been Lulled To Sleep”: BofAML Deep-Sixes The Recovery Myth

“The S&P 500 is at near record levels despite the fact that EPS hasn’t really changed in 3 years. So which economy is going to show up later this year and in 2018? We think the jury is still out.”

Advertisements

“A Pretty Eclectic Collection Of Unrelated Developments”

SocGen’s Kit Juckes probably summed up the overnight session best: Overnight currency drivers have been a pretty eclectic collection of unrelated developments. That sounds like it could be an ill-advised sequel to “A Series Of Unfortunate Events“: “A Pretty Eclectic Collection Of Unrelated Developments.” First there’s the kiwi which collapsed. That comes courtesy of the…

It’s Tuesday And Some Folks In Europe Are Doing Some Manufacturing!

Ok, let’s see… It’s Tuesday and there’s some European PMI data you should note. Because nothing says “exciting” and/or “interesting” like a sentence that includes the words “Tuesday,” “European,” and “PMIs.” Long story short, Markit’s April manufacturing PMI shows euroarea factories expanded output at the fastest pace in six years: That’s just a touch lighter than…

“America, Fuck Yeah!” Congress Thinks Funding Government May Be Good Idea After All

Last week, it was starting to look like traders had reached peak negativity with regard to government ineptitude. Of course you wouldn’t have known it from looking at benchmark equity indices. But if you drilled down below the index level, nearly every trade tethered to Trumpian reflation had come off. That led one trader to say…