FANG+ Forward EPS Relative to the S&P 500 are stagnate/rolling over to the extent it's difficult to see them reasserting leadership, which is problematic for the market overall going into Q1 2022.
In the sh!tshow that was the action in global interest rates last week, Australia Two Year takes the cake with the highest upward move in at least 20 years
Most sensitive areas of Risk-On/Risk-Off (last updated: https://t.co/DzcMulYKLu) broke to new highs Oct 13th and haven't looked back (tho clearly overbought).
In other words, what the US is primarily doing, is selling our appreciating financial assets for depreciating consumer assets.
It's not a great trade in the long run.
S&P 500 Index is close to its seasonal pattern.
(FWIW, one of the most reliable seasonal setups over the 35 years I've been trading is a correction into October, followed by an October low, followed by a rally into the first week of January).