10-year inflation swaps surge with the market; ALERT: Inflation-adjusted S&P 500 is severely overextended.

10y inflation swaps jumped with the market

Make inflation great and middle class poorer again pic.twitter.com/skURIoF9md

— Alessio (@AlessioTMAD) November 7, 2024

ALERT: Inflation-adjusted S&P 500 is very over-extended

This also happened in:

– 1913
– 1929
– 1965
– 1999

Some of them were strong melt-ups

But the market eventually fell

With at least a 60% drop in inflation-adjusted value pic.twitter.com/sxan7Aqg8a

— Bravos Research (@bravosresearch) November 7, 2024