REMINDER: There's Been A Huge Global Market Boom, And There Is Plenty Of Room To Fall

waterfall

We discussed this this morning, but in light of the mediocre Apple and IBM earnings it’s worth revisiting this.

The markets have been on an epic run all around the world, with all kinds of “risk” assets from stocks, to commodities, to emerging market bonds soaring towards nosebleed heights.

And at least for the moment, it seems the air is about to let out as stocks are tanking after hours.

Bear in mind too that in the conventional sense, both IBM and Apple reported “good” earnings, but with the selloff in full effect, investors will start to ask: what other “good” news is priced in? The election? QE?

Look out below.

Cotton prices are at all-time highs

Bombay Stock Exchange going nuts

Gold (no comment needed)

Silver (no comment needed)

Wheat has exploded higher (though it's still well off its pre-crisis highs)

Thailand... what strife?

Shanghai Composite going parabolic lately

Turkey is incredibly strong

Indonesia, same story

Brazil breaking out to new highs

Russia, again, same story

Soybean prices are surging

Copper near all-time highs again

South Korea has totally put the recession behind it

Palladium, all time highs

Hong Kong is nearly back to old highs

And in the US the NASDAQ is surging

Now for some historical perspective...

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