That's the sound of risk trades- equities, EM, FX carry, and some credit- being liquidated. Macro Man is apt to have a busy morning...
Suffice to say that defensive posturing remains appropriate, but this morning's signs of capitulation suggest that a bounce could well be nigh. The only thing left to determine is whether to play the bounce, or wait for it and then add to risky asset shorts....
Suffice to say that defensive posturing remains appropriate, but this morning's signs of capitulation suggest that a bounce could well be nigh. The only thing left to determine is whether to play the bounce, or wait for it and then add to risky asset shorts....