Inflection?

Inflection?

Investors were "back in credit," "back in tech" and "fading inflation" over the past week. That's according to the latest flows data, aggregated and narrated by BofA's Michael Hartnett. Investment grade credit, which took a severe beating along with every other asset class that wasn't commodities in the first half, saw the largest inflow in 11 months on EPFR's data. Lipper's figures showed a small inflow to US IG credit over the same period, the second consecutive. Note that the $1.22 billion
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3 thoughts on “Inflection?

  1. when the horizon is this opaque, intuition and common sense take the forefront, imho … so, these recent ‘rallies’ in equity, credit & crypto sure feel like sucker bear market rallies … sucking out the last of retail $; with each drop-rise-drop, the pros make $ and retail losses increase … this movie has played before (and while maybe non-intentional, the results = same). Enjoying snacking on 3m t-bills >2.5% while watching the show.

  2. One bit of hard data that can take the forefront for a moment is the present nasty recession – not in the economy, but in the VIX, which has been dropping since June harder than a ’22 tech stock.

    VIX under 20 while Bull/Bear=0? Seems like quite the disconnect.

  3. I like that financial media is now constantly asking when this (bear) rally will end. I’m starting to believe in contrarianism: if the media is saying it then it’s old news.

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