The rally last week was likely end of the quarter performance gaming and little else.
Fund managers have to report their returns every quarter. With the markets gyrating throughout 2Q16, fund managers were highly incentivized to gun the markets higher in order to redeem the quarter.
However, bonds (the smart money) weren’t buying it at all. Indeed, bonds really haven’t been buying any of this rally since March.
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Neither was the USD/JPY pair, which has lead the markets for over a year now.
More and more this mess is beginning to feel like late 2007/ early 2008: major warning signs abound, but investors continue to move into stocks believing that Central Banks will be able to maintain the bubble.
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To wit… in the last 19 months we’ve closed out 93 straight winning trades.
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93 closed winners… and not one closed loser… in 19 months.
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Chief Market Strategist
Phoenix Capital Research