The S&P 500 earnings yield minus risk-free cash rate (3-month treasury bill) has dropped to its lowest level (-90 basis points) in 23 years
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Source: fxevolution @fxevolution
The S&P 500 has rallied +20.4% over the last 41 trading sessions, its third-best run this century. During the same period, the Nasdaq 100 has risen +27.3%, its third-biggest rally since 2002. Only 2020 and 2008 haven seen such sharp recoveries over the last two decades. As a result, the S&P 500 and the Nasdaq 100 are now trading just 2.1% and 1.8% from their all-time highs. We have gone from a historically weak to a historically strong market in a matter of days. Source: The Kobeissi Letter, Bloomberg
Source: Trend Spider