PLS chart, page-210

I’ve heard the cliche ‘kicking the can down the road’ ever since the Grexit 1.0 years after GFC. EU/Euro both still intact and standing stronger than US. I don’t think this time is any different. It is much harder to measure the sustainability of the current recovery of equity markets globally, a bear rally or recovery on to a new bull market.

Nasdaq composite has lead the way or is this a case where the more traditional bricks and mortars type sectors track the real economy losing market share or the potential to Tech of all stripes? The EV sector will probably take its lead from China and It’s Govt policies now that US aggression is a sign Weakness/caught late while China powers ahead developing the next generation of growth industries?

I agree that Li sector logarithmic rally experienced in 2017 is less likely as the bullls and bears seek control currently. This is where trap bulls will contemplate getting out with little or no loss at the first opportunity or stay hoping they experience the glory days again.

Just as some sectors collapse others are going on the exponential trajectory moving short term between sectors. BNPL reminds me of the 2000 dot com era where it’s all about potential and less on PeR elevation. The problem is that in the past monetary policies were much more predictable in the classical to Keynesian models but since yield destruction of fix income through QE that has morphed into another revolutionary ideas MMT (officially at least) the style of money chasing yield from the Bernanke years could be a better measure for those contemplating what you have posted today. Risk is the only play now because there is no where else to seek yield?