The setup was terrible, with falling commodities, a downbeat Asian session, and junk jitters weighing on sentiment.
It’s all about “loops” and “spirals” these days.
But times have changed.
“Many of these same investors, however, tend to agree with us on a two year view that things are likely to end very badly.”
Not what I would call an “upbeat” session.
The fireworks started in Japan and that’s where they ended.
Common sense ain’t so common.
“This is the big one, Elizabeth!”
You can draw your own conclusions there…
“So maybe it’s not so much that equities are out of synch with high yield, as much as it is”…
What happens over the weekend no longer remains confined to the weekend.
“So when you ask what the big risk is, the answer is”…
Thursday, bloody Thursday.
“The risk is that the market is hugely vulnerable if it hears a distant bark, let alone feels its bite.”