With the Dow hitting new all-time highs and the U.S. dollar strengthening, this is how crazy the situation is across the globe.

Here is what Peter Boockvar wrote today as the world awaits the next round of monetary madness:  There has been a distinct disparity between the Investors Intelligence measure of stock market sentiment which survey’s newsletter writers and the AAII survey of individual investors.–

As stated yesterday, newsletter writers are euphoric. As seen over the last few weeks, the individual investor much less so. Today AAII said Bulls rose to 35.8, up 3 pts and the most in 3 weeks but it was 50 three weeks after the election. Bears fell 6.5 pts to 27.7, a 4 week low but it was as low as 22 after the election. I rely much more on the II data because the AAII figures look like an EKG chart after someone drank red bull. See chart on the measure of bulls over the last 10 years and you can see.

After we saw the largest amount of foreign bonds sold by the Japanese last week since April 2016, the Japanese kept on selling but at a much slower pace for the week ended February 3rd. The spread capture between Japanese yields and overseas has been almost completely diluted by FX hedging and now we have higher long term yields in Japan that are all of a sudden attractive to domestic buyers. The Japanese 40 yr yield in July was 7 bps. It touched 1.07% yesterday. For the poor sucker who bought that JGB in July, how many years of interest income will it take to offset the decline in capital? I have to do the math but we’re talking at least a few hundred years….More Here