They had to do it… Is This The Top?

The WSJ had this on their site today… 

U.S. households’ stock allocations have steadily inched up this year, according to JPMorgan estimates, and recently accounted for around 42% of their total financial assets. That is the most on record in data going back to 1952. 

Americans have rarely been this giddy about the stock market.

They are piling into stocks as major indexes reach new highs and placing bets that the rally that has driven the S&P 500 up 18% this year has more room to run. 

The surging stock market has minted millionaires and helped send many Americans’ net worth sharply higher. As of the second quarter, the number of 401(k) retirement accounts at Fidelity Investments worth at least $1 million reached around 497,000, according to the firm. That is up 31% from a year ago and a record high.  

 Maybe it's time to take some chips off the table?

Read the article here:

https://www.wsj.com/finance/stocks/americans-are-really-really-bullish-on-stocks-ceee798b?st=28wr0nche1s1lm8&reflink=desktopwebshare_permalink

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Shake-up at the #Metals traders

Going Cuckoo for #Cocoa

On Tuesday, cocoa futures in NY surged above the previously unthinkable $10,000/T. The $1,000 surge over two days is equal to a year's trading range ! 

Although in nominal terms cocoa prices are at a record, in real terms — adjusted by inflation — prices remain below the peaks of the 1970s. The record high set back then equals to about $27,000/T in today's $.

Cocoa market set to suffer its largest deficit ever this year.