Bear market rally pushing extremes

Advertisement

Michael Hartnett at BofA with his latest.

Heard on the Street: “are you still sure 4200 the summer high?”…painful rally for many.

Pain Trade: since June 16th lows…biotech 38%, bitcoin 27%, Nasdaq 19%, UTIL 15%, 30-year UST 10% vs oil -28%, copper -23%,China stocks -14%, Euro banks -11%…QEwinners (bonds, tech) outperforming QTwinners (commodities, banks).

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.