Nomura’s Charlie McElligott Explains ‘Why We’re Puking’
Over the weekend, we brought you some thoughts on the ongoing "chop" in U.S. equities, where "chop" means the inability to hold trade-headline-related rallies and the supposed "floor" provided by the simple fact that some investors simply don't have much cash exposure left to de-risk.
At this point, though, "chop" is something of a euphemism. This "chop" has a clear trajectory and that trajectory is "lower".
(Bloomberg)
What you see in that chart is the product of a number of factors, all h
I think Trump’s tweet was intended to mean ‘Good luck!” keeping your job if you raise rates, Jerome.
I can’t imagine he’s too worried, I mean worst case he writes a book and makes a fortune.
“Feel the market, don’t just go by meaningless numbers.”
I have no words.
Actually, I have far too many, and can’t pick from the wealth of choices. Unbefuckinglievable.
2 months ago it was obvious that this scenario had at least about a 50% possibility. What good does it do for investors to just report on the unraveling of these facts after the barn door had been left open? The calendar shift is going to alleviate much of the one-sided fund flows and under the right conditions could provide quite a lift from next weeks lows. The strategy now should be how can one play for this possibility while managing the risk of what seems to be the birth of a new bear market. If CTA’s are as short as McElliot suggests then they will be near hair trigger ready to cover at the first sign of reversal. Reversals in bear markets are much more lucrative to play than counter trend declines in bull markets.