TRIN and TRINQ are showing serious distribution as the boyz have got the retail investors all abuzz and are busy shoveling out the inventory, while their algos keep the Potemkin market looking good.. Gems like Amazon ($360 a share despite practically no earnings for the last couple of years) are touted along with the mo-mo giants like NFLX and TSLA. This is the “what were they thinking” time.
Long Treasuries (TLT) and mortgage REIT Annaly (NLY) have given trend buy signals. ECRI’s FIG (Future Inflation Gauge) is at 0.0 – if you want to catch this train, it looks like it is leaving the station.
Crude has lost 10% in the last month, commodities in general have resumed their downtrend. The gold mining shows on television are multiplying like rabbits, I don’t think this is bullish for gold. Of course the flipper shows are back too, this is probably not a good omen for the real estate bubble.
In the meantime, the economy is quietly slip sliding away, durable goods orders ex-transportation (really ex Boeing orders) declined this morning and consumer confidence took a substantial hit, probably at least in part due to the stunning display of management incompetence associated with the Obamacare launch. Especially noticeable was a sharp decline in capital goods orders, which represent investment.