The Macro Case For Buying Stocks After This Week’s Surge Is Very Weak Indeed
A deeply-ingrained Pavlovian instinct…
A deeply-ingrained Pavlovian instinct…
New virus numbers, surging stocks, tumbling Tesla and a VP on the ropes.
It’s quite an amazing thing.
Take it for what it’s worth.
It’s starting to feel like August all over again for markets.
Normally, the market would have pulled back by now.
Define nebulous: “It’s a good time to be in the market”.
On the off chance the world doesn’t end this month or next…
Too rich for some folks’ liking.
That “blip” is worth about $1.5 trillion – with a “t”.
While timeless, it’s become even more germane over the last decade…
This really wasn’t supposed to happen.
“Strategists such as Nomura’s Charlie McElligott and Marko Kolanovic have been elevated to god-like status”.
“You’re on 10… where can you go from there? Nowhere. Exactly”.
How’s that for dramatizing things?ÂÂ
“Escalator up/elevator down”. But don’t forget the nuance.
“Aggregate gamma on the S&P 500 was positive for more than three-fourths of 2019”.
Featuring Google $1 trillion and the best day for Morgan Stanley in years.
…it’s not hard to create scary-looking visuals.
Maybe the “slow-flation” trade isn’t a “relic” after all.
Some have suggested this is really nothing more than a “token” response from Tehran.
Chasing the momentum?
And yet, it doesn’t have to end now.
“Our policy machinery is going full speed ahead”.
The problem: You’ve got to be willing to “take on liquidity risk”.
Mind the gravitational field.
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