1.Risk Happens Fast with ETFs…$546 Million Pulled from EM Bonds in One Week.

Emerging Markets Biggest Outflows Since 2004

Strong dollar will make foreign debt more expensive.

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1.Seven Days Following Election $44.6 Billion Flowed into Equity ETFs…Second Biggest Surge on Record.

Investors were under allocated to equities coming into election.

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1.Rate Rise…Foreign Holdings of U.S. Treasuries Fell 0.7% in September Alone.

Foreign holdings of U.S. Treasury securities fell for a third straight month in September as China and Japan, the two biggest foreign owners of Treasury debt, both trimmed their portfolios – The Treasury Department says total foreign holdings dropped 0.7 percent to $6.15 trillion in September – China, the top foreign holder of Treasury debt, reduced its holdings 2.4 percent to $1.16 trillion in September – It marked the fourth straight month that China has cut back.

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I had the best burger ever at Nomad Bar NY last night

1.Trumpenomics…Small Cap vs. Large Cap Post Election.

What a chart..This is small cap (iwo) vs. large cap (vv) post election…huge spike in leadership as dividend play gets whacked.

And IWM (small cap) also keeps going, another 83 million shares traded.  In the last 4 sessions this fund has traded about 350 million shares and is up 8.9% in the past 5 sessions and the fund has also hit an all-time price high. SPY is up only 1.6% over the same 5 sessions

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1. Stocks in the World Outperformed Bonds Last Week by the Most Since 2011, Based on the MSCI World Index of Equities in Developed Nations and the Bloomberg Barclays Global Aggregate Index, noted the Bloomies

Thanks to Dave Lutz at Jones for chart.

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