Update: Sentiment And Daily Deficit
Summary
- Sentiment still points to SPX weakness, but.
- Fund flow is supporting the market.
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The total put:call ratio continues to move higher which correlates with pullbacks in the SPX (chart below).
For the second day in a row, the daily deficit has been ~$50B; on December 31, the social security payments were made, and on January 4, the first of the stimulus funds ($114B) were sent out.
With that level of fund flow moving into the economy, it is small wonder that the stock market has failed to pullback as expected. The lag lo is still open for another week, however (chart below).
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