‘We’ve Squeezed The Max Amount Of Blood From The Stone’: Why Nomura’s McElligott Sees A ‘Re-Correction’

In keeping with the notion that "the thrill is gone", Nomura's Charlie McElligott is out on Tuesday morning calling for stocks to "begin their re-correction". As detailed earlier, the "the worst is behind us" narrative for growth (viable as of early Monday) has now turned into "it could easily get worse" (thanks to the IMF's updated outlook), while the trade narrative has seemingly now shifted from "tariffs are about to be lifted, China prepared to eliminate imbalance" (viable as of Friday) to