Stocks Surge To 'Most Overbought' In 58 Years As Yield Curve Collapse Continues

The bond market's message to stocks...

 

The S&P 500 is up for 13 straight months (including a "perfect year" of 12 monthly positive returns - which has never happened before) and just reached its most overbought level since 1959...

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At least Santa delivered a little gain for stock investors today...

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(and the same desperate late day ramp as yesterday)

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For the 4th day in a row, Nasdaq was smacked lower around the open...

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Notably as AAPL has suffered so it appears traders are rotating into FANGs...

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NOTE - Small Caps just can't catch a bid in December as Trannies soar...

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And while stocks are soaring, breaking records never seen in the history of stocktopia, the US Treasury yield curve is screaming weakness and looming recession...

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UST 5s30s dropped to 51bps today - the lowest since 2007!

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Meanwhile Dollar liquidity is now at its highest since June 2015... looks like those Japanese banks found a source of funding mysteriously overnight...

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The Dollar Index slipped lower once again to 3 week lows...

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And while President Trump's approval rating has bounced back like a tech stock's dip, the lagged correlation suggestion the dollar weakness may extend through the new year...

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Commodities have been on a run since Yellen hiked rates...

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WTI rallied back up towards $60 as RBOB faded after DOE data today...

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Gold gained once again - nearing the $1300 Maginot Line...

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Gold and Bitcoin continue to unwind early December's chaos...

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Cryptocurrencies were volatile today with South Korean headlines slamming them overnight, a rebound, then weakness again late on amid the possible Bitcoin2x fork... also notable once again a rotation from BTC, ETH, and LTC into XRP...

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And finally, copper is up for the 16th day in a row... highest since Jan 2014...

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