Regimes are shifting. Can you feel it? While at the surface, indices tumble along in small ranges and AAPL does its thing, asset-class movements and sector-rotations suggest something is afoot. Since the peak in the S&P 500 last week, we have seen a clear rotation from cyclicals to non-cyclicals, a major rotation from stocks into bonds, and a significant regime change in the relationship between Gold, the USD, and Treasury prices. One thing is clear – the heads-I-win, tails-you-lose high-beta strategy (on the ECB/Fed ‘has your back’ thesis) appears to be weakening a little (though in 100 milliseconds from now – who knows?)
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