The Math Just Doesn’t Work For US Stocks

It's still not a real selloff. US equities suffered their second worst week of a very bad year thanks to an inflation report which suggested price pressures broadened further last month and are now embedded across the economy. And yet, the ongoing malaise is just that: Dull drudgery. It's too orderly to constitute any kind of bottom. And the world's risk asset benchmark par excellence still hasn't succumbed convincingly to the bear (figure below). As discussed here earlier this week, that d