[1]As US equity markets push to higher and higher highs, the underlying substance of the exuberance is becoming not just more and more defensive [3] but more and more concentrated in fewer and fewer names... now where have we seen this before?
Today... no problem, stocks are higher...
[4]
Wonder what was being said in 2007?
[5]
Charts: Bloomberg
h/t Brad Wishak at NewEdge
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/10035
[3] http://www.zerohedge.com/news/2014-11-09/what-stocks-say-about-state-global-economy-two-charts
[4] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/11/20141110_SPX.jpg
[5] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/11/20141110_SPX1.jpg
