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Getting Even And Getting Out?
The fact that US equities (the S&P in this case) turned positive for the year a mere four months after one of the most harrowing episodes in market history, is significant for reasons that go beyond the fun one can have juxtaposing charts showing economic oblivion with a "V-shaped" rebound in risk assets.
Having lived through March -- a month during which the S&P was prone to swinging as much as 9% in a single session -- you'd be forgiven for taking some off the table after getting back
The dismal equity flows makes total sense in a world in which the central bank put is most directly aimed at the credit market. This is of course echoed in the equity market where tech has performed, being the “new Treasury” and cyclical stocks like banks, industrial and energy lag,