It’s Tuesday And This Market “Sees No Demons”

“With French political risk significantly reduced (even if there’s still a two-week second round campaign to negotiate), an improving global economy, steadier oil prices, and most of all, range-bound US yields and a lack of fear of rapid Fed tightening, investors see few demons and are off in search of yield.”

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Trader: “Ok, So What Do We Do Now?”

“What we’ve had so far this week, I know it’s only Tuesday, has been a repricing without the benefit of meaningful price discovery along the way. Gaps during the Asia-Pacific opening are one thing. Ones followed by flat-lined price action suggest order books emptied followed by “So what do we do now?” And if there isn’t a quick follow-through in momentum, the next question will be “What have we done?”

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