🇨🇳 #China M1 money supply (usually a leading indicator) rose 10.0% YoY in November (highest since Jan. 2018; v +9.1% YoY prior)
*Real M1 rose 10.6% YoY in November (highest since Jan. 2018; v +8.6% YoY prior) pic.twitter.com/vXp0MGAcdf
— Christophe Barraud🛢 (@C_Barraud) December 9, 2020
🇨🇳 Chinese equities lose their liquidity tailwind heading into 2021 as stimulus efforts normalize. Nov credit issuance was in line with forecasts but only up slightly vs last year and down a lot vs spring (would focus more on direction than magnitude in the right chart though). pic.twitter.com/ZZQkkEKvlz
— Sebastian Dypbukt Källman (@sdypbuktkallman) December 9, 2020
Several banks are calling for a market pullback.
Among them, GS’ US Equity Sentiment Indicator is warning that “positioning is extremely stretched”.
Historical overlay chart – four out of five signals led to almost no pullback in Stocks (0-2%), and one fell 9% (Feb 2018). pic.twitter.com/ePEtE6AC70
— Macro Charts (@MacroCharts) December 9, 2020
Largest spread between Russell 2000 & its 200-day moving average since 1983.
Throughout history, this happens at the peak or the trough of the business cycle.
Have to say…
Just like the tech bubble, I never seen a market bottom at record prices…. pic.twitter.com/c9taPtVawZ
— Otavio (Tavi) Costa (@TaviCosta) December 8, 2020
Call Volumes "Absolutely Absurd" – Nomura Warns Sentiment Overshoot "Getting Scary" Ahead Of Quad Witch https://t.co/BIcYKcx6Lc
— zerohedge (@zerohedge) December 8, 2020