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Charts from TME. Stocks printed a large hammer reversal as the G7 and Trump TACO rescued the day. God bless it.
VIX is mean-reverting, so if we see an incremental shift towards the TACO from here, then stocks will automatically rise.
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Oil-printed a huge shooting star. This looks overdone to me. But it is a message of clear escalation.
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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.