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TME leads us off.
Extreme markets
Extreme moves across the board. SPX futures are printing a massive hammer, semiconductor valuations have collapsed more than 40%, Korean memory stocks have been crushed and sentiment is approaching capitulation. Meanwhile, oil is suffering its worst four-day selloff since COVID, with systematic selling pressure mounting. The tension is building: extreme positioning and sentiment are creating the conditions for violent upside reversals, even as underlying market stress remains far from resolved.
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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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