‘The System Needs A Breather’

"Giddy." That's equity investors. Or US equity investors anyway. The adjective comes from SocGen's Jitesh Kumar and Vincent Cassot, who suggested in a recent note that "the system needs a breather (and perhaps even to shed some weight) before normal function resumes." The reference was, in part anyway, to the equity financing squeeze I've discussed in these pages on a couple of occasions, including on Monday in "The Equity Funding Squeeze Briefly Revisited." Long story short (no market pun in