The US job report on which the US President was briefed by L. Kudlow one day before its release, was actually ‘so good’ that he could not resist, one hour before the actual release, to tweet, saying he was “looking forward to the job report”. US stocks rallied across the board (recovering Thursday’s losses and then some) and the Nasdaq printed new highs. Note the big divergence between the Nasdaq, social media sectors now standing 2.4 standard deviation above its moving average (hence in breakout conditions) and the Junk and HY stands at -2.4std (similarly in breakout conditions). These are two faitly risk prone elements of our investment universe featuring exact opposite momentum conditions. In other words, two assets that should show at least some correlation are now -1 in terms of correlation which is strange. But other things are strange these days...
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