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How Much Did The Machines Buy?
How important were systematics in perpetuating and sustaining the equity rally during the second quarter?
Pretty important, as it turns out.
By now, most readers are familiar with the sequencing. Discretionary investors and the retail crowd were Johnny-come-latelies. Or at least that's the way it looked according to various measures of discretionary positioning, sentiment, individual investor proxies and fund flow data.
Although systematics were adding exposure ahead of some discretionary inv
But … didn’t that nice guy on TV explain that the buying was based on improving optimism of a well-engineered soft landing?
sounds like the machines’ planes have already landed while the majority of humans are still circling in turbulent skies…