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).