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TME smooths ruffled feathers.
Where is the FOMO?
For markets sitting not far from the highs, the flow picture is surprisingly cautious. Risk demand is back to neutral, equity sentiment has turned negative, US fund inflows have collapsed, ETF flows are weak and hedge funds are running unusually low exposure. In other words, there isn’t much FOMO hiding under the hood. Except, naturally, in two places: tech and Bitcoin. Here are the 10 flow charts that caught our attention this week — plus one slightly uncomfortable bonus chart from the very bottom of the credit barrel.
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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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