Real Yields vs. Gold (Fundamental Analysis)
Tt should come as no surprise that the market cap expansion machine keeps creating value out of nothing.Unlimited upside in a risk free market that keeps ignoring everything.... Let’s recognize that the Fed has produced a liquidity machine that has pushed select indices to all time highs with most gains coming from a few tech stocks. Take those stocks out of the equation and 
SPX is still flat on the year and most stocks are down on the year.Viewed with this lens this multi month rally is not all that different than what we’ve seen in the past.
In fact, the precedence is striking in that the counter rally in the year 2000 peaked on September 1st following a furious rally in August. Sound familiar?
SPX hit a peak of 1530 on that day as the worst was assumed to be over and optimism had come back roaring following the initial tech crash in March of that year.
But it was after September 1 that the real fun started andSPX then commenced its long journey down that ended in October 2002 when SPX bottomed at 798.55
SPX is still flat on the year and most stocks are down on the year.Viewed with this lens this multi month rally is not all that different than what we’ve seen in the past.In fact, the precedence is striking in that the counter rally in the year 2000 peaked on September 1st following a furious rally in August. Sound familiar?
SPX hit a peak of 1530 on that day as the worst was assumed to be over and optimism had come back roaring following the initial tech crash in March of that year.But it was after September 1 that the real fun started and
SPX then commenced its long journey down that ended in October 2002 when SPX bottomed at 798.55
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