🇺🇸 This year marked the 10th time that the #SPX peaked with a 100-day gain of >25% since the index debuted in 1957, according to Bloomberg data.
*After the earlier highs, the S&P 500 rose an average of 8.8% in the next 12 months.
*The index advanced all but once, in 1987-88. pic.twitter.com/VStZMQBvJo
— Christophe Barraud🛢 (@C_Barraud) August 17, 2020
Updating this stunning chart from DB:
(1) Tech keeps getting non-stop record flows.
(2) Incredible how there's still *nearly zero* net buying in 8 key Sectors – a winner-take-all market driven by extreme investor preferences.
Thinking about the path of max pain. pic.twitter.com/LXD86SHC9r
— Macro Charts (@MacroCharts) August 17, 2020
High frequency spending data has stalled. pic.twitter.com/b3x9WIUKKW
— Lance Roberts (@LanceRoberts) August 17, 2020
The US credit cycle is mature, so demand for C&I loans is slowing again. A final spike in C&I loans YoY has been very common heading into recession. Lending standards for C&I loans are now as tight as they were during GFC, implying a significant slowdown in C&I loan growth ahead. pic.twitter.com/uNCI38Jgss
— Julien Bittel, CFA (@BittelJulien) August 17, 2020
How the big get bigger.
Large firms — those with annual revenues above $1 billion — now account for 70% of the companies tapping the bond market. Meanwhile small & mid-sized firms that rely more on bank loans have seen credit tighten in recent months.https://t.co/EDa1crs0Hq pic.twitter.com/l8yrHO6Wf2
— Tracy Alloway (@tracyalloway) August 17, 2020