Footballing in No-Man's Land (II)
Footballing in No-Man's Land (II)
The Blind Squirrel's Monday Notes, March 27th 2023
Summary
The bond market is still screaming “DEFCON 1”. Meanwhile, Nvidia is having a think about re-testing all-time highs. It all feels a bit like the Christmas Day entertainment between the Western Front trenches in December 1914.
Jerome Powell seems determined to carry on the Fed’s unspoken role as a suppressor of macro volatility. If it had not been for Mrs Yellen’s flip-flopping, risk assets might have closed the week even higher.
The safety trade could unravel very quickly. We can see plenty of reasons to be tempted but are not yet ready to short tech equities aggressively.
We have a hunch that the banking scare is all a bit of a red herring. The risks have gone elsewhere.
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Per the earlier email this week’s core market update is being published on Talk Markets. You can access it (no paywall or registration) via the button below. The usual Acorn Review and Portfolio Update…