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The Market Ear is sanguine.
Messy
The market isn’t breaking, but leadership is getting increasingly messy. Semis are losing momentum, the SOX/SPX divergence remains wide and skew is suddenly waking up despite relatively little movement in the index. Meanwhile, investors still say they want more AI exposure, just preferably after a correction. The setup is deteriorating, but the underlying appetite hasn’t disappeared.
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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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