Another Attempt To Explain The Volumeless Rally, Now From JPM: “A Function Of Disbelief And Skepticism”…(It’s All A Scam!)

Wednesday, June 29, 2016
By Paul Martin

by Tyler Durden
Jun 29, 2016

Trading trends are pretty slow and that is a function of disbelief/skepticism in the recent rebound (there is a lot of doubt that the SPX will wind up getting off this easy from the referendum and thus people are reluctant to chase). The underlying price action is a pretty-standard risk-on move but a few items are standing out. Banks are outperforming but would prob. be doing a lot better if yields were higher. Tech, health care, industrials, and materials are all up ~1.5-1.7%+ (outpacing by a mild amount). Nothing is dramatically outperforming w/the exception of larger money center banks, internets, energy and transports (up ~2% each). Note that safe-haven assets aren’t weak – gold is up, TSYs are flat-to-up, and the safe haven groups are doing OK (staples, REITs, utilities, and telecoms are all lagging but not by that much).

The Rest…HERE

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