TWIM: on Vacation

No interviews this week but here are some quick thoughts…

Precious metals are showing more encouraging price action while US equities continue higher amid very strong breadth. Could we see a blowoff top like 1987 or something like 1976 when the S&P made a new marginal all-time high but fell back into the secular bear. The latest Merrill Lynch fund manager survey shows managers are the most net underweight emerging markets in at least 6 years. Meanwhile, commodity sentiment isn’t much better. Cumulative COT data show speculators as less long commodities than at the 2008 bottom.