Climb the Wall of Worry
Embracing the fake economy pays, clearly.
Copper’s ~15% meltup into Evergrande’s coming default tells you everything you need to know about whether or not China's “contagion” may spread.
Outside Asia, rate benchmarks and spreads remain muted.
In U.S. markets, both Materials and Industrials equities poked into bullish territory on Friday and have rallied further during this morning’s premarket session.
Oil and Uranium—my favorite commodity plays—continue their ascent.
As the bond market prices in rising growth and inflation expectations, bond ETFs continue to decline. $TLT, $LQD, and $ZROZ look like they’re about to (re)puke.
Is the first Bitcoin ETF approval bullish or bullish for crypto markets? You decide. Maybe it doesn’t matter. Reflation, of course, is already extremely bullish for crypto, because Tether can do whatever the heck it wants, without any major punishment.
In a nutshell: All asset classes, minus the U.S Dollar, are signaling reflation, indicating higher equities, commodities, and yields for the final quarter of 2021.