Jason Goepfert

The boat is getting tippy. About $64 billion has come out of SPY + QQQ over the past 3 months. That's nearly double the previous decade's extreme. Still not all that extreme as a % of assets tho.

The bond market is getting twitchy. Over the past 20 years, when credit spreads blew out but the S&P 500 wasn't even beyond a pullback yet, it was 3-for-3 in bear markets. h/t @sentimentrader

This is the first time in more than 30 years that financials have corrected while the S&P 500 wasn't even in a pullback yet.

When investors give generous valuations to unproven people and concepts, it's a sign that narrative expansion has outpaced investment discipline. The last one marked the literal peak (since recovered but painful in the interim).

When billionaires are eager to share their spoils with the public, one must wonder why.

This is such a gut punch. Every time Doug and I shared breakfast or lunch or a phone call, I went away thinking, "What a lovely guy, why don't we spend more time together?" All he wanted was to do right by his clients and colleagues, then retire to his cabin to spend time with his family and go fishing. He was sharp, funny, and kind. Generous and hilariously self-deprecating. Honest and reflective. Rest in peace, my friend.

Today, two of the most respected Dow Jones indices closed at record highs on the same day. Over the past century, that's meant more gains over the next 9 months every time.

Stocks just triggered a rare signal. Investors panicked out of the market, then rushed to get back in. Every time that's happened, S&P has risen over the next year. And, yeah, 2008 was...early.

@MomAngtrades It’s good outside of Hennepin County but still have to deal with insane state laws and taxes. If not for family (and the lakes and trees)…

Legit who wants to live in Minnesota today? I think they have fallen harder than Cali.

RIP bears

The S&P 500 is on track to close at a record high with more than 90% of issues advancing on the NYSE. That's never happened before. There were 2 times at least 85% of issues advanced. Both kicked off multi-year bull runs.

The Trump Tweet-O-Meter is starting to fire again.

The Trump Tweet-O-Meter is starting to fire again.

On Thursday and Friday, the Nasdaq 100 $QQQ hit record highs with fewer than half its member stocks trading above their 50-day average. Thursday's reading was the weakest in history. Friday's was the 6th-weakest out of 751 days.

The S&P 500 $SPY just gapped up at the open for the 18th time in the past 19 sessions. It's only been done twice since its 1993 inception.