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[linrom1]

 

Up 19% since Oct 30, eight consecutive days. Must be boom created by rioting Muslims and leftists(sorry about politics).

[linrom1]

Macro Grind

Powell channeled the Panderstone. Proactively dampening the relative divergence (Fx/rates/etc.) as Europe & China sink further into contractionary Quad 4 ahead of the U.S. remains part of the "why" speculation…

1. EUROZONE – French Composite PMI falls to 43.7, German Composite PMI Falls to 46.7, Eurozone Mfg PMI falls to 44.2, Eurozone Services PMI falls to 48.1, Finland & UK GDP -0.8% Y/Y and -0.3% Y/Y in October, respectively, EU Industrial Production accelerating to -6.6% Y/Y. EUR remains Bearish TREND, DAX holding Bullish TREND as … “rate cuts are now inevitable.”
    
2. ASIA – PBoC injects CNY 1.1tn liquidity (most ever), eases homebuying regulations to support flagging housing market, Chinese equities respond by … dropping another -56bps. Shanghai Comp remains Bearish Trend and we remain short of CHIQ, EWH. Meanwhile, the other side of the short China pair trade, Long India, continues to print with the Sensex making (another) fresh ATH, +1.38% to close the week. No change in fundamental view or relative positioning in Asia. 
    
3. US – Dollar down, rates down, Commodities (CRB) down, inflation expectations down is not a market harbinger of strength. Reminder on the monthly cadence of the domestic high-frequency data → distortion reversal + significantly easier sequential/YoY comps assured November = monthly Quad 1/Quad 2. That dynamic reverses from here as January/February represent some of the hardest comps of the cycle. We expect the RoC data (and the associated macro exuberance) to show a similar reversal.

[linrom1]

This index is complete fraud........