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Nomura’s McElligott On The ‘True Accelerant’ For An ‘Outright Rotation’
The steepening impulse in the curve is starting to get some serious traction, with the 5s30s hitting
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It’s now officially “ridiculous” in my book. The indiscriminate selling of everything in March is leading to the indiscriminate purchasing of everything today.
But I’ve finally learned to not be mad when the market doesn’t respond the way that I think it should.
I’m not a bear capitulating – I’ve stopped adding to any positions (outside of retirement accounts) since April 30. And lo, everything is up.
If it were as simple as “up is down; left is right,” we’d all have confidence. It’s where these counterintuitive flips occur that have me willing to ride along even when I don’t know how the park is open.
It isn’t that friendly euphemism “wall St is disconnected from main St.” It’s the disconnects within the stock market that I continue to read these articles.
Down is the new up – for today, anyhow.