The US indices play lying poker with the real economy ...

The situation has not changed much since the publication of our last monthly issue. The markets are attentive before the launch of the results publication in the United States in the second quarter of 2017 - within a decade or so. And, you will see, these are particularly frequented ...

The time is therefore ideal to take stock of the situation car I think the markets adjust to the disastrous situation ... which will not fail, of course, to trigger violent stock market movements in reaction.

For now, the US indices are at the party and happily parade on their highest historical levels. Yet, on the sidelines of this euphoria, some observers already display the defeat of tomorrow's worries ... worried about the current valuation of the American places. For, and even if they are fairly well oriented in recent times, economic fundamentals are slowing down.

According to the latest published statistics, the trend is slowing. Retail sales were down in May, as were consumer prices and orders for durable goods. Moreover, even if the labor market is resilient, jobs are weakening and growth is tired.

In short, if the indices play lying poker with the real economy, the results publications will push to reveal their game. And, it may not be as nice as advanced cover - Plan Trump is waiting and the oil situation remains complicated ... So, if investors expect an average profit of 7.5% of companies in the second quarter, pay attention to the risk Of turbulence and reality turns out below these expectations ...