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TME with the charts.
Still playing out – for now
The déjà vu setup continues to play out, with price action, positioning, and macro signals all moving in the same direction. While short-term bounces are possible given stretched conditions, the broader backdrop, from flows to volatility dynamics and macro pressures, still argues for a fragile market.
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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.