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Nomura’s McElligott On Monday Momentum Massacre: ‘One Of The More Stunning Trades In Modern Market History’
Monday's historic Momentum unwind showed up in some of the European equities price action on Tuesday
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Yet most of the economic metrics indicate a continued gradual slowing of the economy…..bonds clearly rallied too fast and too hard but this does not necessarily indicate a long term trend.
It’s funny how the economic narrative is suddenly changing to match the market action.
“By the afternoon, though, the unwind clearly escaped from the lab, ran out the castle doors and charged down the hill into the village.”
That is the single best sentence I have read in any market commentary ever.
Thank you.
I love that one. I only use it on special occasions so it doesn’t get old
betting everyone got their 5 bucks worth on that one …bravo…thanks as well
Nice to see. I was waiting for this since early August, accumulating value stocks.
The 2-yr yield still suggests that the Fed Funds Rate will be down another 1/2% this time next year, so not sure we will see an equity explosion that has stability, but time will tell.
https://fred.stlouisfed.org/graph/?g=oPgN