1.Stocks were looking stretched vs bonds in 2024, and ultimately went on to become even more stretched!
Retrospective in risk and wrongs: $.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
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2.Last year this chart was telling us credit spreads might go up... instead credit spreads fell to 17-year lows!
Sometimes it's just not as simple as you think:
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3.Small Small: small caps are much smaller than usual as a percentage of all US equities. This should also be seen as a contrarian signal, and a clue to pay attention to.
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