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Nomura’s McElligott: Hedges Are ‘Being Lit On Fire’ Amid Unwelcome ‘Blast Of Good News’
"[We] should see some entertaining price action today, as investors largely 'long worst case scenario' versus 'short good news' gets a blast of positivity they did not want", Nomura's Charlie McElligott writes, on a Friday morning dominated by risk-on sentiment tied to trade talks and Brexit optimism.
Thanks to the (likely misplaced) euphoria around the trade situation, S&P futures have risen a comical ~3% off the lows hit Wednesday evening when reports suggested no progress was being made
Got to love his latest tweet “One of the great things about the China Deal is the fact that, for various reasons, we do not have to go through the very long and politically complex Congressional Approval Process. When the deal is fully negotiated, I sign it myself on behalf of our Country. Fast and Clean!” In other words, President Warren can cancel his deal as easily as he cancelled the Iran Nuclear Agreement.