“We do not believe this decoupling will be sustainable. Either the rest of the equities must come under pressure or the financial sector must rally.”
More on the disconnect.
Maybe nothing. Consider it unresolved.
Aaand that’s the week.
Spoiler alert…
“And another straw in the wind may be the performance of a newly issued junk bond of a company called WeWork who have invented an entirely new, nonsense valuation metric – ‘community-based EBITDA’!”
That’s one “very cool” holding pattern.
“Slim margin”of error for Goldilocks.
“This seemingly counterintuitive result has a distinct ‘path-dependent’ flavor.”
“Tremendous” things are happening.
Well, things took a decisive turn for the worst just after the European open…
“They’re back. I thought they had all given up, but like an old college buddy who’s going through a bad divorce and just needs a place to crash for a ‘few days,’ the corporate credit skeptics are a tough lot to shake.”
“…the tail risk associated with the bond trade unwind has become more visible.”
“Lions, tigers, and bears, oh my!”
And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.