So Why is Wall Street Always So Bullish? "The easiest question of the day"

I recalled a recent conversation with a client while listening to an excellent, wide-ranging interview with investment legend Jeremy Grantham last week. 

Chart of the Day: Epic Concentration

Currency setups going forward, relative valuations, dividends and demographics in a number of developed and developing markets are factors suggesting that foreign equities may have an edge over the U.S. in coming years. 

Macro Update: Back to Zero -- And -- What Would Seem So Obvious

December truck tonnage (Christmas online shopping) -- our only needle-mover this week -- jumped from negative to positive (2 points) in our scoring, bringing our macro index back to zero. 

Morning Note: Risk and Reward go Hand in Hand -- Or -- Effectively Cocooned?

You guessed it, even though the major averages are giving some back this morning (ostensibly on COVID headlines), their degree doesn't do justice to the stink of the underlying breadth.

Morning Note: "No new eras", when we're talking bubbles...

You're probably growing tired of my harping on how market internals (breadth in particular) remain anything but inspiring to start the year. 

Yeah, I wish it wasn't so, but we're here to see things as they are and invest accordingly.

This Week's Message: Plenty Bubbly

Stocks, for the moment, are liking the spending side of what the new administration would like to accomplish. At some point, however, they're going to have to process the taxing side. 

Morning Note: Morning Breadth -- And -- "Triumphal Linearism"

Yep, the calendar's turned and a new administration's assuming "power", however, on too many days in my view so far this new year the opening market action smacks of 2020.