The Scream

(1) No point in screaming in a vacuum. (2) Misleading danger signs on technicals, earnings, valuation? (3) Edvard Munch said it all. (4) Don’t fight the men and women with the printing presses. (5) Central bank asset purchases well outpace world GDP. (6) Excess liquidity going into assets. (7) Less panic. (8) High-frequency economic indicators confirm stock rally, though not record high yet. (9) Bull has thicker skin and better breadth. (10) Bull/Bear Ratio is neutral. (11) Growing middle class poses growing risk for Chinese government.