Comments (3)

  1. HI again David
    excellent coverage – I need to print out the charts
    been collecting more info on ‘velocity of money’ google knows all – enter’ velocity of money’ and get many details – then enter ‘quantity theory of money’ more separate info – the two sets DO NOT match mathematically – will bother you Monday with summary in hopes you can ask the experts why this is.
    best wishes
    PS lots of info on my web site
    john sloan

  2. I’ve never been a big fan of cash / margin numbers because in the current era, much cash is held as collateral for derivatives and various margining agreements. There are many cross-hedges out there that obscure the overall picture. I think it is sometimes better to see the types of investors buying and selling stock. When the long-termers are selling, and short-termers are buying, watch out!

    Also, Americans may not be as invested in the market as you think:

    http://alephblog.com/2016/09/21/estimating-future-stock-returns-june-2016-update/

    But thanks for another good article.

  3. John Perris says:

    I am going to sell everything on Monday , and buy 10 year US Treasuries.
    The Philadelphia Fed head was a family friend. He told me. “Act when you know enough”.
    Just like I did about 1963, and 1973.

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