Robots bid stocks back from cliff

The Nomura robot whisperers on the persistence of equity refuse to capitulate as macro conditions deteriorate. For me, this is not very different from any bear market. Things get overstretched and snap back then sink again. Rinse and repeat.

Macro Vol—particularly in FX—on CB policy diverges vs hawkish Fed (dovish BoJ, PBoC), “behind the ball” hawkish laggards (ECB) and hawkish surprises (Riksbank)—yet Equities(particularly bellwether “Growth” Nasdaq, +3.0% off the Tuesday low) continue to SOMEHOW hold the line—what gives?

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