USD: Looking for a game-changer for Emerging Markets

If the Fed were to stop shrinking its balance sheet, which no one believes they will, then that would be the game-changer! (green line)

Chasing utilities is a classic development that happens at market tops.

BAML fund manager survey: – Outlook on EM stocks most bullish in 10 years, Eurozone most bearish in six years, UK allocation second most bearish ever

U.S. auto loan delinquencies have ticked up to the highest levels since 2012: Fed data

Economic Sentiment is rolling over-> New cycle high for “how to prepare for a recession”

A staggering 25% to 30% of all publicly-traded firms are actually making a loss:

Nomura View changes from Prism of a diamond:

(Click on image to enlarge)