We’ve covered the other Amigos. Amigo #1 is the stock market still rising in terms of gold and #2 is long-term Treasury yields, which hit their limiters, pulled back harshly and put the followers of experts Gross, Dalio and Tudor Jones off sides. Amigo #1 is still macro-favorable and #2 is what it is, a macro marker at a decision point (likely a slow moving one at that).
Ah, but what of Amigo #3, he of the lumbering and eternally flattening Yield Curve? As with Amigo #1 he’s still out there riding and he is currently still aligned favorably for the cyclical macro. So as of now, Steve Martin’s the only Amigo who smashed into a macro signpost.
And again, the longer-term view of the flattening curve in line with a still firm economic cycle.
2 out of 3 Amigos agree; the boom’s still on. But tic-toc, tic-toc…
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