KEN FISHER & CREDIT SPREADS
[Latest Global Dollar Liquidity Measure: +15.5% annual growth rate; latest Endogenous Liquidity Index: -5.5%]

Very interesting piece by Ken Fisher. I am in a hurry right now, so no time to analyze in detail. The message is: watch credit spreads! Yes, they have been rising over the last couple of weeks. But year-on-year measures tell a more bullish story. I agree — but I'll keep an eye on those pesky spreads.