‘Here’s The Deal’: Why One Derivatives Strategist Plans To Be ‘Out’ Of His S&P Long By November 30

"Here’s the deal: tighter financial conditions, dollar shortage thesis, max QT and trade tariffs are all biting at the same time", Nomura's Charlie McElligott writes on Tuesday, laying it out for folks in the simplest possible terms, on the way to saying that he plans on abandoning his tactical S&P "'outright long'", which he's been pushing "due to the resumption of mechanical demand sources in the market over the past two weeks." That would appear to be it (for now anyway) on Charlie's