Equities Singing The Blues

Equities are singing - Crossroads I went down to the crossroads, fell down on my knees. Down to the crossroads, fell down on my knees. Asked the Lord above for mercy, "Save me if you please."

I went down to the crossroads, tried to flag a ride. Down to the crossroads, tried to flag a ride. Nobody seemed to know me, everybody passed me by. Commodities are singing - Further on Down the Road Further on down the road baby, you will accompany me. Further on down the road baby, you will accompany me.

When I think back, your love was like the sun And I don't remember no dark days, remember the warm warm fun. Oh baby I'll be glad to learn from you, Darlin' I know you will be glad to learn from me. And if we get down and things get sad, We can cheer up eachother, and grin cuz things just ain't that bad. If we fools in life, a happy fool I would rather be.

US Equities (Triple Witching tomorrow) are at the crossroads - where early and late April highs converge with early and late June lowsThe SPX over the next couple of days matters (in my opinion)

As a reminder, this are Margin Debt levels on the NYSE over time (leverage, the cause of and solution to our market ills)

Commodities on the other hand, have been signaling growing recessionary fears since Spring. Here is a 5 year weekly chart on the Greenhaven Continuous Commodity Index.

That thing is at the confluence of last year's lows (Draghi day) and the 2010 highsWhich way next?

Here's a look at the past couple years in the CRB

Today has a baby out with the bathwater feelThe one where CASH is king and PRICE doesn't matter because it's all about staying in business.

I'm not the only one that's made the market as an addict analogy over the past few years, but this is the clearest indication in a while that assets are not trading based on fundamentals, they are trading based on cheap money flows

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