From B of A Merrill courtesy of Zerohedge
So I think that little blob at the bottom, Mr. Carney's contribution to fiat money printing, is why the US market is up smartly on political chaos in Britain. Afterall, Mr. Carney took his Brexit cues from the Yellen Fed by cutting rates and printing money so why would he not do more of the same?
Then we have the oft told story around here of the 5 or 10 or 15 stocks that are propping up the market.
As the experts say over the short term the market is an auction and clearly the experts are correct. With a soft economy there is no productive investments for the surplus liquidity flooding the system so the market is absorbing it. The biggest sponges are the hedge fund hotels that are story stocks because they are totally unrestrained by any known metrics. Does anyone really believe that Amazon will replace every corporate data center in America AND maintain a 50% margin on cloud services while Microsoft and Google quietly walk away like Hewlett Packard. Anyone?
It has been said many times before by experts that there is never anything new or different this time, so just like that hand drawn chart of tulip prices we all know how this will end, just not when. But it will not end today!