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From the Market Ear:
Stretch-marks
Eight straight green months. Hedge fund leverage above the 90th percentile. Sentiment stretched, cash at record lows, and strategists unanimously bullish. Ten indicators say the same thing: risk is too one-sided.
Stretchy streak
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With the SPX edging back into positive territory for December, the monthly streak of positive closes remains alive. December would make 8, the longest streak since a 10-month streak which ended in January 2018.
Goldman stretch-marks
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.