One Trader Explains Why He Did Not Chase Yesterday’s Buying Panic

Tuesday, February 23, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
02/23/2016

What kept me from totally losing my heart was, yet again, the bond market. If animal spirits are alive, and the underlying fundamentals improving, how come bond yields are struggling to make even a dead-cat bounce?… It’s not just liquid and illiquid, but house money and rent money. Equities clearly fall into the former camp: chasing the latest news without caution. Bonds on the other hand are ignoring today’s emotions and asking what has fundamentally changed. And the answer they’ve settled on is “nothing”

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