Advertisement
The stock market is always the village idiot of markets. But right now it is a drooling vegetable. It is so steeped in a decade of central bank support that that is all it sees. A generation of pampered traders, fund managers, and robots have their hand out in the full knowledge that it will rain gold and be filled again.
Until earnings collapse and it will have no choice but to reprice lower.
Macro volatility is making that earnings shock right before our very eyes. The Market Ear has more.
Advertisement
The full text of this article is available to MacroBusiness subscribers
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.
Advertisement