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TME with the charts.
Markets Priced For Perfection
Markets continue to reward perfection. The AI trade remains relentless, valuations are expanding at a remarkable pace, and investors show little interest in downside protection. At the same time, Treasury yields are attempting to move higher again, creating a backdrop that looks increasingly stretched. For now, momentum remains firmly in control, but several indicators suggest the market is becoming more vulnerable to disappointment.
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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.
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