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Michael Hartnett at BofA is still leading the smartest guys in the room. The only point of disagreement I have is on the secular nature of inflation, which I have addressed in a separate post. MB fund remains very underweight equities, averaging into bonds, and very long cash tilted to DYX
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Big Bears, Big Levels: many think bad Q2 EPS elicits bounce in stocks; but if bad news = bad news expect proper capitulation; summer risk-on requires Bitcoin 20k, EUR 1.00,BKX 100 to hold, US IG CDX not to break 100,GT30 below 3.0%, US$ reversal.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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