 Bill Cross, the bond king, the legendary bond investor said yesterday in an op-ed that the central bankers are destroying the engine of the real economy. There would be actually no effect if you look at Japan, for example, after they have taken historic steps to change growth, to change inflation, to get both up. Nothing really happened, Bill Cross says, so growth is not strong enough to be able to pay down debt should monetary policy be normalized one day. So that has had no effect and the bad thing and the sad thing also, Cross says, is that investments by companies have never returned to their pre-crisis levels of 2008. Companies are rather investing in buying back shares than doing real investments in the real economy. In the United States alone, $500 billion of stocks are being bought back and Bill Cross asks the question rightly, so why do companies not invest? So one of the reasons is that we have the aging societies, which means automatically that there will be less consumption tomorrow. Then there is an anti-globalization trend, for one example is the exit of the UK out of the EU. And then there might be, and that is really interesting, CFOs or the chief financial officers of a lot of companies asking themselves if it is really interesting to get money for nothing, for no cost today. But that also could mean that if rates go back to normal, it could mean that in some years the same debt, which is for free today, could mean a lot of costs. So that is something that CFOs and financial decision makers in companies are what motivates them to really not invest. Cross says that central bankers are very late to this logical conclusion and they need a change of filters and monetary policy should be urgently over or rethought or should be designed in a new way. That is what Bill Cross actually said. And that is also what the Japanese government says, not the government but the Japanese central bank has said. They had made a review of the current monetary policy and the results are that the reasons for the low inflation and for growth not coming back is that the Japanese society, the people there have the mindset of a deflation. And they need something to change that mindset which will be interesting what that really means we will see in the coming weeks. The S&P 500 is truly very bullish right now. There is a strong uptrend. If you look at the open interest in the S&P 500 ETF call options, so the S&P 500 ETF, the SPY, the Spiders is the largest ETF for the S&P 500. If you look at the open interest in call options, they have never been higher as in the past few days. There was almost panic buying in the S&P 500 and that is from a contrarian standpoint a stark warning signal as is the newest sentiment from investors intelligence. The Investor Intelligence Survey looks at dozens and hundreds of paid newsletters. So those are semi-professional investors and they are 54.3% of them are bullish which is near the high from January back then it was 53.4% bulls in that survey. And this survey shows that those bullish percentages above 54, 55% where we are right now could last for some weeks but back then in January, December and January, there was a top in the US indices in equity markets and then they had made a major correction and right now we are back right there. Could go higher just by some percentage points but the flashing lights or the warning flashing lights are have turned red from a contrarian and sentiment standpoint.