Top 5 Charts of the Day – January 23rd 2021

#Green Stimulus Is Here Already. It Just Wasn’t Planned – Bloomberg
An interesting piece from @liamdenning
*Link: https://t.co/BUsYegP3Fk pic.twitter.com/rzFiU92PU6

— Christophe Barraud (@C_Barraud) January 22, 2021

Margin Debt soared 62% in the past 9 months

In the past, such euphoria happened only 4 times:

– Aug 1973: stocks rallied a little more, followed by a -50% bear market
– July 1983: -14% correction began
– March 2000: bear market began
– June 2007: bear market soon
– Now pic.twitter.com/tbLfKCFNGX

— Troy Bombardia (@bullmarketsco) January 23, 2021

The 'unintentional' side effect of ever looser monetary policy? In the last 20 years, household spending as a % of disposable income has gone down, not up, as bond #yields fell to historical lows! pic.twitter.com/hpBtFa0EcR

— jeroen blokland (@jsblokland) January 23, 2021

Just to put things into perspective: 10 US Mega-cap growth stocks – ~30% of S&P 500 – propelling market in recent years. Other 490 only just ahead of Stoxx 600 over the last 6 years. (via DB) pic.twitter.com/llzKRoi427

— Holger Zschaepitz (@Schuldensuehner) January 22, 2021

The Chinese Credit Impulse has rolled over!

This will matter a lot for

EUR/USD positions

Long commodity positions (copper etc)

EM FX etc..

But nut until late Q2 or early Q3.. pic.twitter.com/eRdRaSe7aa

— AndreasStenoLarsen (@AndreasSteno) January 22, 2021