Waiting…..For The Brown Stuff To Hit the Fan

Let’s stipulate that 2019 has been a giant rescue operation, a central bank induced multiple expansion:

I would argue that everything changed in October when the repo scare forced the Fed to go full ballistic on liquidity which manufactured the recent rally and made it so mind numbing. With ongoing trade optimum sprinkled on top of it it was indeed the combustion play I outlined in April.