Henrich notes we have had 13 straight months of up in the global equity markets. However, central banking liquidity game has peaked and is dropping off:
On Thursday, the Dow blasted over 300 points higher on news the Senate would pass a tax cut.
Will it create any jobs? I rather doubt it and so does any thinking individual. I will have more on the beneficiaries of the tax cut later today.
Meanwhile, retail investors have been sucked in hook, line and sinker as noted by record ETF inflows despite this being the most expensive market since 1900.
Curiously, Goldman Sachs' economist Peter Oppenheimer says "risks are to the upside" in a Bloomberg video in the above link.
Henrich as a much different opinion, meticulously laid out with 17 charts.
Whether you are a bull or a bear, do yourself a favor and read Henrich's excellent article.
Mike "Mish" Shedlock