Still, US equity indices powered to new highs, climbing a wall of worry of President Trump's "trade optimism" tweets.
It seemed quite evident over the quarter that President Trump's tweeting of constant fake trade news and record stock buybacks juiced the market to new highs, however, what was really taking place was the Swiss National Bank (SNB) printing money out of thin air buying stocks with no regard for price or cost.
SNB's motive was to boost market confidence that a 2016-style rebound in the economy was imminent by sending stock indexes to new highs.
The SNB's latest 13F showed total holdings of US stocks have hit a record high, now valued at $94.1 billion, up 1.5% in 3Q.
Some notable observations: in the third quarter, after the SNB printed money out of thin air, it then added 1.28 million shares of BABA, 970K shares of FIS, 628K of JD, 537K of JNPR, 472K of GPN, and 257K of MSFT.
Other notable observations: it sold 1.85 million shares of FDC, -301K shares of ORCL, -229K shares of CSCO, and -188K shares of AAPL.