Our whole game plan this year was not to feed into extreme oversold conditions or chase historic overbought ramps. As we highlighted with Monday’s video, the recent market decline with consecutive days of less than 10% of the S&P 500 (SPX) trading above their respective 10-day moving averages would be considered a whoosh. The extraordinary move by the Bank of England to support their fixed income market is providing the excuse for a countertrend reversal in the macro trade that severely weakened stocks, bonds, and currencies (ex. US).
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