‘As A Late Summer Storm’
"Albert would welcome permanent risk off", SocGen's Kit Juckes wrote on Friday morning. "I'd just like a decent enough dose to clear the air and positions, as a late summer storm might".
The reference was to the euro, but, I suppose that's applicable across assets -- both in terms of what Albert Edwards would welcome and in the sense that a real and true selloff would be cathartic.
You'll say that we just had one. I'd say it wasn't sufficient. While the recent stumble for US tech was enough to
Feels more like a slowly drifting fog than a late summer storm.
Meanwhile in my micro-finance world, I’m holding onto my cash and small bag of TZA.
A fog with squalls embedded and only heard in the near distance. Radar helps only so much. Gotta feel your way.
No chance of rainbows after.
That photo looked like the SF Bay Area on Wednesday with smoke substituting for rain. First day in my life without the sun. Hopefully the last but I doubt it.
Yes, it’s quite depressing.
“As BofA noted last month, that figure will be 100% within four years, at the current pace.”
Calls to mind a great quip during the last great tech bubble, in 2001 perhaps. Commenting on Cisco, someone noted that “based on current valuations, it is assumed that every man, woman and child on earth will be working for Cisco within ten years.”