Momentum - It can be dangerous to stand in the way of a rally like this.

US stocks are at yet another record. It’s remarkable how much it’s been driven by momentum, while investors seem impervious to issues of quality — the catch-all term for companies with steady profits and resilient balance sheets.

It might be unfair to call this a dash for trash. But nobody seems to care about quality. 

This isn’t just an American phenomenon. If we do the same exercise for Bloomberg’s stock universe for the world excluding the US, momentum is far more dominant. 

Of late the liquidity factor — buying the stocks with the greatest trading volumes — has been even more impressive:

John Authers Bloomberg 6 May 2026

https://www.bloomberg.com/opinion/newsletters/2026-05-06/stocks-rally-momentum-is-trampling-quality-in-market-records


Crash of 1929 - It was FOMO plus debt. It’s almost always FOMO plus debt


Sorkin’s greatest accomplishment is allowing us to relive precedent by re-creating how the market felt in 1929, week by week, sometimes day by day, to those experiencing it as its own thing before they knew how it would live on in history.

https://englundmacro.blogspot.com/2025/09/crash-of-1929-it-was-fomo-plus-debt-its.html


RE: Jag läser boken just nu. Det är som att läsa dagens Financial Times eller Dagens Industri.

Vad det är för likhet?

Vad är det för skillnad?

Nasdaq

Dow Jones

Stockholmsbörsen går mot en positiv öppning på onsdagen efter nya besked från USA:s president Donald Trump som ökar fredshoppet i Mellanöstern.

https://englundmacro.blogspot.com/2026/05/6-maj-trump-fred-ekonomi-kult.html





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