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Going Nowhere Fast - The Median US Stock Is Flat Year-To-Date
Despite today's ridiculous melt-up in US equities - all driven by USDJPY-correlated algos - after the completion of over 9 months of this year, the median stock in the United States has officially gone nowhere.
As Gavekal Capital's blog details,
We are 9+ months into the year and the median stock in the United States has officially gone nowhere. The good news is that this is major improvement from the 9/29 low when the median stock was down -8%. The bad news is unless we get a major rally into the end of the year we are set to have the worst performance according to this metric since 2008.
It’s definitely paid to have exposure to Japanese stocks this year. The median stock in Japan is up 9% (all returns are in USD). While Australia, New Zealand and Singapore are all down at least 11%.
Overall, broad exposure to European equities has paid off as well. Only Norway (-3%) and Spain (-6%) are the only countries where the median stock is negative. Italy has led the charge higher as the median stock there is up 21%. Denmark and Ireland are both at least 18% higher YTD.
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So to summarize - in the two major regions where open market manipulation and money-printing is being practiced, stocks are higher... but in the nation that has promised the economy is so strong that it can withstand a rate hike any minute, stocks are going nowehere.
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The market is being driven entirely by a handful of stocks and algo's programmed by the insane. It won't end well.....
bullish
Let's do a lightening round motherfuckers.
Yes it's a sideways movement, but an aggressive one.
take all those mom an pop stocks out of the game,and lets see how this game REALLY works....brang your gold plated popcorn to this show.
I am so tempted everyday to cash it all in, including HSA, and put it all in silver. Literally inside of 14 days I could have at least 200 oz of silver stashed.
So what do you do while you are waiting for the market to clarify direction? Some ideas follow:
1) operate a call-girl service out of your trading room (tax deductible bizz expense)
2) invent an HIV vaccine
3) write a novel
4) clean the garage