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The two largest banks in the U.S.:
ZH: Wells Fargo Reports Worst Mortgage Number Since 2009
ZH: JP Morgan Sweeps Credit Card Delinquencies Under The Rug
Of course, they bought it hook line and sinker…
CNBC: Stocks Will Try To Ignore Reality On Friday the 13th
“Jeffrey Saut, chief investment strategist at Raymond James, said he believes the market has successfully retested its bottom at 2,532 on the S&P 500 and he has been a buyer.
“I think the bottoming process was textbook. You got a failed throwback rally, you came back down and made an undercut low”
“I bought for the tax cut, but when that didn’t pan out, I stayed for the trade war and WWIII
One thing we know with 100% certainty, they don’t see it coming:
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January 31st, at the all time high:
Jeff Saut: The Nine Year Bull Market Has Many Years To Go
CBOE Skew index:
“The crash of October 1987 sensitized investors to the potential for stock market crashes and forever changed their view of S&P 500® returns. Investors now realize that S&P 500 tail risk – the risk of outlier returns two or more standard deviations below the mean – is significantly greater than under a lognormal distribution”
An Idiocracy has no forever, there’s not even a two months ago…