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Cascading Separation Signals

Released 11/23/13

Earnings, Credit and VIX versus Fed Balance Sheet Chart

Key separation signals of what lies ahead keep on cascading. The divergences with the S&P 500 equity market are unprecedented, even when compared to euphoric periods which preceded the unexpected dotcom implosion.

Earnings, Credit and VIX versus Fed Balance Sheet Chart 2

EARNINGS DIVERGENCE: Being Ignored

S&P500 versus Earnings Estimates Chart

OVERALL CREDIT DIVERGENCE: Being Ignored

S&P500 versus Overall Credit Chart

VIX VOLATILITY DIVERGENCE: Being Ignored

S&P500 versus VIX Chart

COMPLACENCY NOW PALPABLE

Volatility Term Structure Chart

THE ONLY QUESTION: WHO IS LEFT TO BUY?

Investors Intelligence Survey % Bears Chart

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Confusing Cross Currents
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