Legend Art Cashin says we are seeing a rally in stocks, gold and oil.  Here is the reason why…

Record Buybacks
March 6 (
King World News
) – A portion of today’s note from legend Art Cashin
The Shrinking Pie – Lots of pushes and pulls from things like trade policy and politics. But a steady influence is the tidal wave of buyback money that continues to pour into the marketplace. 

Here’s a note on the topic sent in by an old and astute friend: 

TrimTabs IR: Buybacks reached $113.4 billion in February, the most since April 2015. $5.8 billion in buybacks per day during the current earnings season, a record. Share buybacks announced by large U.S. companies have exceeded $200 billion in the past three months, more than double the prior year, according to WSJ. 

Overnight And Overseas – Global markets kicked into high gear, first in apparent response to Gary Cohn’s attempt to dilute or even head off the tariffs by setting up a meeting with Trump and key business leaders. In the last ninety minutes, the rally got a further boost by hints of some North Korean cooperation. 

In Asia, Tokyo shot higher as Kuroda seemed to back off imminent tightening. The Nikkei was up nearly 2%, bouncing off 5 month lows. Hong Kong was up 2%, while Shanghai and Australia rose 1%. 

In Europe, markets are also rallying with trade war players, like the automakers leading the way. 

Among other assets, Bitcoin took a hit and is trading back below $11,000. Gold and crude are both rallying with WTI challenging $63. The euro is flat against the dollar and yields are plain flat. 

Consensus – Bulls have a lot of arrows in their quivers this morning. From apparent Korean overtures to the potential of a Cohn tariff meeting. 

Stay wary, alert and very, very nimble.

***KWN has just released the remarkable audio interview with investing legend Rob Arnott, who oversees $210+ billion, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

ALSO RELEASED: Gerald Celente – Fade Rally In Stocks, Market Meltdown Coming And It Will Be Brutal CLICK HERE TO READ.

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