It is vacation time for Michael Hartnett, because the latest Flow Show note (available to pro subs) from the Bank of America CIO is the shortest one this year, although to be fair not much has changed in the past week, except that the market "rip" which was 4 days old when he wrote his last note on April 26 and which he urged his clients to sell, is now 9 days old - the longest stretch of consecutive gains since November 2004 - even as most market participants turned even more bearish, and as the mainstream media pushed even harder for a China victory in the raging transpacific trade war.
Here are the highlights.
Starting with Hartnett's favorite topic, the "Tale of the Tape", which this week was naturally Trump's first 100 days. Here the results generally speak for themselves:" gold is up 21% YTD (best start since Ford), S&P500 -7% (worst since Ford), US dollar -9% (worst since Nixon).
