“Earnings, dividends, book value… none of these really matter for moving the overall stock market. The only 2 fundamentals that matter are:
1. How much money is there?
2. How much does that money want to be invested?
Change either of those, and you move prices.”
— Tom McClellan, @McClellanOsc
Follow the money, the big money, the sovereign money.
Central bank monetary largesse provides liquidity that juices markets.
In the latest reporting period, there was a central bank balance sheet contraction.
That’s a clue.