One Trader Exposes The Market’s New Narrative – “When He’s Gone, Everything Will Be Well”
by Tyler Durden
ZeroHedge.com
Aug 17, 2017
Before yesterday’s brief curfuffle, markets remained entirely care-free; climbing walls of worry, shrugging off every and any potential pitfall (from the collapse of American retail to global armaggedon) as new high after new high, on an ever-decreasing base of mega-cap stocks had become ubiquitous. Like many rational investors looking asconce at this ‘market’, former fund manager Richard Breslow wants to know “why are equities bid?” … and he has an answer…
Via Bloomberg,
It probably won’t come as a surprise to learn a lot of people are confused about why markets are behaving this way. After all, wasn’t everything a tumble only a week ago? Yet, as I was looking at the screens yesterday before the torrent of bile made traders give up for the day, stocks and emerging market currencies looked like they expected new highs to be imminent. Treasury yields were back in “that range,” the dollar and credit bid.
So how come the markets don’t react as one Congressman after another felt compelled to issue statements that they disapprove of bigotry and so many CEOs resigned from the President’s policy and strategy advisory forums that they had to be disbanded? Why do some scary things get acted upon, others get ignored but no matter what we still seem to be back to the same place in short order?
The Rest…HERE
