1.U.S. Markets Trading at a Premium vs. Developed International for a Reason.

Earnings

Equity Markets: US Q1 corporate earnings growth has outperformed that of other developed economies (EAFE).

Source: Credit Suisse

https://blogs.wsj.com/dailyshot/2018/04/25/the-daily-shot-the-10-year-treasury-at-3-is-stock-investors-line-in-the-sand/

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1.4-Week Treasury Bill 10 Year Chart…Sideways for 8 Years then Hockey Stick.

 https://fred.stlouisfed.org/series/TB4WK
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1.Growth Advantage Over Value Continues in 2018.

S&P 500 Growth Index +1.78% vs. S&P Value -3.62%

www.yahoofinance.com

Large cap value stocks have been underperforming since August 2006.

https://pensionpartners.com/value-investing-and-tolerating-pain/

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1.Commodities Break Out to New Highs YTD.

CRB-Jefferies Commodity Index

Showed this chart a number of times on Top 10…..Red downtrend line goes back to 2012…Break above it happened at end of 2017

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1.VIX Roll Over.

Arrow #1-smart money max short VIX….Arrow #2 smart money max long VIX

www.stockcharts.com

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