U.S. Stocks: A Feast Heading Towards a Bubble, Is It a Celebration or an Escape?
Hello everyone, I am Dolphin Research!
After experiencing the market panic caused by the significant downward revision of non-farm employment data, a new round of rally has immediately started. How should we observe the market next? Dolphin Research provides the latest observations:
1. TGA Supplement Snail Climbing, Impact Still Ahead?
The source of funds for the TGA account replenishment over the past two weeks is very clear: either consuming bank reserve balances or reverse repurchase balances. Currently, the speed of TGA account replenishment is still too slow. To achieve a balance of $850 billion by the end of September, it would need to be about eight times faster than the week of August 6th. Therefore, the potential impact of TGA account replenishment on the future market cannot be ruled out at this time.
2. Market Breadth Signal Implies Valuation Bubble?
After the
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