The hated rally is always the most violent

Wednesday 25 June 2025

The Market Ear with more on the hated rally.

Still little chatter…

…about ATHs. SPX practically at range highs. Let’s see how this plays out from here, but an extension of the squeeze is not consensus. FOMO risk is huge.

Source: LSEG Workspace

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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.