‘Mania Has Taken Hold’, And Other Observations As The Tape Goes ‘Macro’

‘Mania Has Taken Hold’, And Other Observations As The Tape Goes ‘Macro’

"It’s a macro tape, you’re just living in it", Nomura's Charlie McElligott wrote Wednesday morning, underscoring the notion that markets have become a slave to coronavirus headlines and, to a lesser extent, the ebb and flow of the Democratic primaries in the US. On Tuesday night, I wrote about the perpetually applicable "investors want to be long USTs" chyron, a fixture on business television. Because the Fed is on hold, curve directionality is dictated by the long end, which means a bias f
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6 thoughts on “‘Mania Has Taken Hold’, And Other Observations As The Tape Goes ‘Macro’

  1. Days like today make the cognitive dissonance associated with BTFD mentality too hard to ignore. Valuation, macro events, negative earnings, corporate debt…none of it matters, and yet, it does…or at least, it will. I work in the tourism industry which I can attest is being decimated right now. While I’d love to my finger in my ears and ignore what’s happening with stocks like TSLA and SPCE, it’s too similar to 1999. Best of luck to bulls.

  2. It just occurred to me that there is a similar relationship between objective versus subjective criteria and the concept of trolling versus manipulation (media or financial/political…) My reasoning is the definitions of these concepts have become so muddled in this age of information overflow that it literally takes a news cycle to sort out rational thoughts or critique on anything ……Bizarre events have become the rule of the day so the market maybe is smarter than all of us , and reacts to absolutely nothing…

  3. I have known and respected Mike for a long time and again totally am on the same page with his thinking.

    But as I get run over betting on rationality and fundamentals to eventually win I keep thinking if we have our hair slicked back acting like Elvis with girlfriends in poodle skirts and maybe the quants/computers have just taken us and pushed us aside to the relic bin.

    CBs have distorted markets, computers/quants have as well. I love this industry, this career but it sometimes feels like I am crooning while the world is rapping and I am all alone.

    The end of the long/short manager………..

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