would that matter anyway? no offense but it’s a piece of paper for studying hard and not for knowledge.

Matthias -- no, is doesn't matter. I ask because the book he references is published by the CFA Institute. I am a charter holder and did study very hard for it and have more knowledge because of it. Certainly not the end all be all though.

Roger, just found your two videos on Gold and Silver Miners for Real Vision Finance, on You Tube. Both brilliant of course! Why are they not on the Real Vision App?

Hi Gary - yes it could. I tend to think of this as greater confidence returning (which might be a contrarian signal) as people feel confident in rotating out of the winners into the laggards. A rotation from the winners should slow down the momentum in S&P500 and Nasdaq - though overall I think that the momentum in the Fed's balance sheet is key. The rate of change of its expansion is starting to slow (though it is still expanding) - but this is the corner that they are now painted into. If its all just about liquidity, then they have to keep this game going, at the expense of real economic growth, or pull back their intervention, at risk of a weaker equity market.

Hi Ida - I look at the US and eurozone 5Y5Y forward breakeven. Both have bounced - the EZ version has been following oil (Brent) - so has bounced with the rebound in oil prices but still remains below the pre-virus lows by some margin. The US bounced more emphatically and appears to have responded better to the Fed's interventions (it held onto most of its initial rebound even after oil made new lows in April, whereas the eurozone version retested the lows when oil rolled over). I also look at US term premium (I follow the brilliantly named Adrian Crump and Moench 10 Year treasury version from the NY Fed). This has also bounced off the lows but remains toward the bottom of the 5 year trend channel and deep in negative territory. I think the 5Y vs 30Y part of the US yield curve will give a good indication (via steepening) of inflation/fiscal fears - it was getting steeper prior to the crisis and is closing in on the 2 year highs again - though there's always the potential for the Fed to impose full yield curve control which would limit the informational value even on this part of the curve.

Hi James - can you explain a little more about this for us noobs? I am struggling to make any sense of this market. How do you use those charts in your analysis?

VIX is still higher around 30 ( healthy average range 12-17). 10Y rates is good indicator to gauge the future outcome: right now is at 0.70 and seems it wants to go down further, indicating that the deflation is in the cards. And the investors are still not selling their safe-heavens( 10Y bond) to file onto risk assets ( $SPX). If we see a substantial pull back of the bonds then it's a good indication that risk-off is turning into risk-on. In this current rally so far we don't see these market dynamics at all. Hence it's a not a fundamental risk-on rally and as Roger pointed out that rather Technical rally based on the FED liquidity and the hopium of the madding crowd.

Yeah, amazing. Have my babies please

also fewer people working = fewer contributors. more boomers also facing mandatory withdrawals.

i thought it was 3100, either way, time to get him back on