Don’t have time to break this apart this weekend, but there are some changes to pay attention to - is that a H&S top in the Adjusted Monetary Base? CPI and PPI are coming up slightly, but still negative, while the monetary aggregates and base money are falling in their percentage growth. That may seem like a reasonable balancing act, but watch the velocity (still low) and look at all the credit destruction that’s occurring to consumer credit and to commercial loans. P/E ratios are still at stratospheric heights. Still not seeing a picture of health, that’s for sure, and I would not say that I’m even seeing improving trends.
Frontrunning: April 28
9 minutes ago