Nomura’s McElligott: ‘It Would Take An Enormous Macro Shock’ To Tip Systematic Dominoes

Markets have cleared the final hurdle for the first full trading week of 2020. The December jobs report was passable, although the downside miss on the headline and the most sluggish pace of wage growth since July of 2018 perhaps brings "end of cycle" back into the lexicon. Stocks could certainly use a breather after running to fresh highs this week thanks to the cancellation of World War III (if you reserved a seat at any Mar-a-Lago launch parties to watch the first cruise missiles strike Tehr
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