1. Margin Debt 2 Standard Deviations Above Trend.

1.  The market has never run this far this quickly to a multiple this high.  

KCR Concepts-Record Returns & Record Prices:

• The chart shows the rolling annual returns of the S&P 500 since 1963 
• We put the Price to Sales ratio above the years that returned over 40% (the 96th percentile) 
• In the year ending March 1998 the market rose 48% and was valued at 1.8x sales – a level which was a precursor to the final run higher into the peak of the dot.com bubble 
• The 12 months ending in March 2021, the S&P was up 56% – the third highest return in history 
• Post this 56% run the market hit 3.0x sales, valuing the market higher than the peak of the speculative bubble in 2000  

The market has never run this far this quickly to a multiple this high.   Massive stimulus from the federal reserve, record low bond yields and investor enthusiasm have sent equities markets to peak returns and peak valuations.   

1. I golfed the Saturday Morning Before Musk SNL Appearance and Both Caddies were Long Dogecoin.

Charlie Bilello https://twitter.com/charliebilello

1. Inflation Related Stocks Underperformance for Last Month

Equities: Stocks that perform well in a rising inflation environment have underperformed substantially in recent weeks – despite the upside CPI surprises.