I am traveling today, but that shall not stop the Friday in Pictures., our collection of the week’s graphs and charts that we find interesting even if completely unrelated to each other.
In light of the Twitter IPO, it is at all unexpected that newsletter’s are bullish?
Managers are also positioned bullishly.
And the volatility index reflects that complacency.
Although shorter term vol is deviating from longer term SPX vol, a marked difference than IG vol.
And this was before…
…this.
and even after this (remember the IPO priced at $26, so closing at $45 not as bad as that looks).
Moving on. GDP has somewhat stagnated.
Housing deliquencies continue their downward trend, but are still high on an absolute basis as the toll of the bubble continues to be felt.
Between a stagnant recovery and poor implementation of Obamacare, the approval rating is down.
The HY maturity wall has been pushed back wth new issuance.
Longer termed IG is trying to stage a come back.
and its being done by the non-Financial sectors.
See you next week.