SocGen

US Stocks Are Now The Most Over-Priced Since The 2000 Crash

The single most important characteristic of any investment is the price when you buy it. It doesn’t matter how spectacular your investment is. If you overpay for it, you have no margin of safety. And as the market affirmed yesterday, US stock prices can be expressed in a single word: expensive.

Futures, Dollar Slide; European Stocks At 3-Week Lows As "Trump Reality Sets In"

While US stocks closed near session, and all time highs on Friday, the first green close on inauguration day in over 50 years, Monday has seen a modest case of buyer's remorse, with European stocks sliding, Asian shares mixed and U.S. futures lower as the dollar weakened for the 3rd consecutive day to a six-week low, dropping as much as 1% against the Yen, as anxious investors awaited more details of Donald Trump’s policies.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Goldman Warns Bond Yields Are Now "A Threat To Risky Assets"

As Goldman warns, should US 10-year rates move above the bank's ‘fair value’, "this would represent a threat to risky assets." Well, 10-year yields are now at what Goldman estimates is "fair value", which means any additional increases from here could lead to a stock market selloff.

Jeff Gundlach Warns 10Y Yields Above 3% Will "Punish Markets", Would Mark End Of Bond Bull

"We’re getting to the point where further rises in Treasuries, certainly above 3 percent, would start to have a real impact on market liquidity in corporate bonds and junk bonds. Also, a 10-year Treasury above 3 percent in my view starts to bring into question some of the aspects of the stock market and of the housing market in particular."

Presenting SocGen's "Most Frightening Credit Chart"

"I sometimes feel like ‘The Grim Reaper’, scouring the research savannah in a ghoulish quest to harvest bad news with a forceful sweep of my scythe. Imagine then my perverse delight when our credit team produced what is one of the scariest charts I have seen for a very long time." = Albert Edwards

Global Stocks Rise As Oil Dips; US Stock Futures And Dollar Flat

European and Asian markets rose, while U.S. index futures were little changed, with the Dow Jones Industrial Average pushing for yet another record, as traders digested the Italian referendum news, await the ECB's Thursday announcement and reflect in a notably quieter overnight session.  Oil slipped from a 16-month high after 4 straight days of gains.