A 10-signal cluster-f*ck

From the Market Ear:

Stretch-marks

Eight straight green months. Hedge fund leverage above the 90th percentile. Sentiment stretched, cash at record lows, and strategists unanimously bullish. Ten indicators say the same thing: risk is too one-sided.

Stretchy streak

With the SPX edging back into positive territory for December, the monthly streak of positive closes remains alive. December would make 8, the longest streak since a 10-month streak which ended in January 2018.

Goldman stretch-marks

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.