It is the 25th of June 2017

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Nasdaq's "Big 5" Stocks Near $3 Trillion Market Cap

Since President Trump was elected - much to the heart-crushing chagrin of the billionaire class in Silicon Valley and its epic funding of Hillary - the big 5 stocks of the Nasdaq (Alphabet, Amazon, Apple, Facebook, and Microsoft) have gained a stunning $675 billion in market cap.

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Calmest Market In 75 Years Hits Record Highs - Ignores Dismal Data, Commodity Carnage

Massive liquidity issues in China wealth product liquidation, commodities crashing, oil plunging, US macro data disappointments, US earnings disappointments, and Buffett dumping Big Blue - only makes sense that The Dow just had its quietest 8 days since 1952!!!

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The Chart That's Keeping Goldman Up At Night

The spread between "hard" and "soft", or survey and sentiment data, ever since the election has been extensively noted and discussed on this website in recent months (especially since over the past two months the soft data has rolled decisively over, while the Citi economic surprise index has crashed at the fastest pace on record). Which is why it will come as no surprise to readers that, as Goldman writes in a note looking at "Peak Sentiment", over the past six months, US “sentiment surveys” have outpaced both “activity surveys” and “hard data”. This rise in sentiment has accelerated in the post-election period, prompting many (Goldman included) to link the surge in sentiment with optimism about the new administration’s pro-growth policy. It has also spilled over into equity markets in general, and institutional and retail traders in particular.

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"Someone Is Blowing Up": RBC Warns China-Induced Unwinds Are Escalating

"Something is off," warns RBC's head of cross-asset strategy Charlie McElligott in the introduction to his latest market noting that the swing in US fiscal policy optimism is coming at a critical time as the China's liquidity tightening is spooking the reflation story.

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