...from 'reflexive' reversals to a 'real deal'... momentum is primed for a "messy" unwind
PremiumThe macro consensus currently is "everybody" is set-up for higher Rates on higher risk-conviction than we’ve seen in a long while, according to Nomura strategist, Charlie McElligott, with:A powerful Bear-Flattening in most G10 over the past month and a half.1) No Deal
...the bigger risk may not be "the market down" – but rather the market finally rewarding something else...
...historically narrow breadth alongside exceptionally strong earnings growth.
But the real danger isn’t Nvidia crashing. It’s the zombie laggards suddenly waking up and ripping the short leg straight through…
The most prominent trading dynamic has been SWFs and Asset Mangers getting stopped into this tape as buyers in everything AI over…
Said another way, systematic re-risking is largely maxed out and sizeable supply opens up if we break lower from here...
Goldman warns pullbacks happen. JPM flags leverage risk. Asia momo already rolling over. Now is not the best time to buy even…
