Bloombergs note “The yield spread of bonds over the S&P 500’s dividend yield widens out today to 122 bps, the biggest gap since July of 2011, as a rallying S&P 500 has pushed down on the dividend yield.”
From Dave Lutz at Jones Trading
I Started My Trading Career in 1997 So Witnessed the Internet Bubble First Hand….This is Textbook 1999 CEO Interview on Jim Cramer…Stock Spikes 90% and Gets Held 5 x in One Day….Bigger Market Cap than General Mills
If you didn’t know about Tilray before, you definitely do now.
Earlier this week, the Canadian marijuana producer earned approval from the U.S. government to import medicinal cannabis into the U.S. for clinical trials. On Tuesday night, Tilray CEO Brendan Kennedy gave a chest-thumping interview to Jim Cramer.
Then, all hell broke loose.
Yesterday, shares skyrocketed ~90% before erasing most of those gains and briefly dipping into the red. Couple notes:
Clearly, Tilray has the munchies
During its mega-surge, Tilray at one point yesterday had gobbled up the market cap of food conglomerate General Mills.
Bottom line: Tilray finished the trading day bigger than American Airlines and Clorox, with a market cap close to $20 billion. Look out, Apple. Someone’s coming for that $1 trillion crown.
Sep 17, 2018
2017 was one of the least volatile years ever for the US equity market. The S&P 500 averaged an absolute daily change of just 0.30% last year.
Due to a pick-up in volatility during the S&P’s correction in the first quarter, the average absolute daily change for the index is more elevated this year at +/-0.64%, but more recently we’ve seen a pretty big drop in the action. As shown in the chart below, the S&P has averaged an absolute change of just +/-0.40% over the last 50 trading days, which is well below the average of 0.70% seen throughout the current bull market.
From a seasonal perspective, September and October have historically been the most volatile months of the trading year, but so far this September, the S&P has averaged a daily move of less than 0.24%. It’s starting to feel like 2017 all over again!
See how Equity MF + ETF fund flows positive into $SPX peaks in 2000, 2007 and 2015. Now, negative flows the past 3 quarters. Those negative flows have mostly corresponded to future $SPX gains
From Dave Lutz at Jones Trading
A 20% decline for the market, representing the typical definition of a bear market for an asset, hasn’t occurred in years (see chart below), according to Goldman, and may be halting for investors that have grown accustomed to this current phase of mostly levitating markets.
A stock-market bear signal is at a more-than-4-decade high, says Goldman
Mark DeCambre
https://www.marketwatch.com/story/a-stock-market-bear-signal-is-at-a-more-than-4-decade-high-says-goldman-2018-09-06
