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MT GLOBAL MARKETS Momentum & Sentiment Recap as of 03Apr20 wk14 thread 1/n
• horrible Macro data doesn't move markets = "corona-news-lagging"
• Markets in limbo, but vola continues to recede (less surprise shocks)
• the real virus is leveraged debt while economy stands still
• horrible Macro data doesn't move markets = "corona-news-lagging"
• Markets in limbo, but vola continues to recede (less surprise shocks)
• the real virus is leveraged debt while economy stands still
2/n ESI bad, Dallas FED -70, Japan Tankan -11, ANZ biz -63.5, US jobless claims -6.6mln, NFP -701k, etc is old news, priced in.
Oil complex got a temp boost on one tweet.
But banks tanked, bonds moving up, credit spreads widened = new RiskOff wave coming?
Oil complex got a temp boost on one tweet.
But banks tanked, bonds moving up, credit spreads widened = new RiskOff wave coming?
3/n obviously March, Q1, and YTD has been horrible, some retracements off lows in stocks, true flight to safe haven continues to be US$ (short squeeze on top), US bonds, bit of Gold.
here the update YTD as of wk14
here the update YTD as of wk14
