"The recent sell-off in gold prices on the back of the strengthening dollar is not supported by fundamentals in our view... both drivers are near the bottom of their respective cycles, implying little downside risk to gold while the outlook for prices is increasingly skewed to the upside"
The multi-month performance disaster for U.S. Equities funds (primarily L/S and M/N HFs, although MFs significantly lagging index as well) which has seen “gross exposure” purged lower has dictated two standout flows last week.
The “regime change” is likely reflecting that “Domestic / U.S. Inflation Expectations” are no longer dictating global asset prices as they have for much of the past few years across both Fixed-Income and Equities.
In the past 3 months virtually all workers hired have been high school graduates or those without a high school diploma. Those with a college degree or higher? Here the US economy has actually lost 233K workers.
A SolarCity ex-employee has told ARS Technica that they believe millions of dollars in phantom revenue was recorded by the company - and that after "more than a dozen" people reported the event to the company, and to Elon Musk himself, nothing was done about it.
"The 'path to victory' for the S&P 500, if it loses the Tech sector, runs straight through Financials and Industrials. The former needs the yield curve to steepen.. the latter could really use some good news on the trade front .."