The “Frustration” phase of the bottoming process is in full swing.  Although many market participants were hoping the relief rally was suggesting a more sustainable fundamental move, the non-corporate credit markets we have highlighted are suggesting something different as highlighted in our macro post yesterday.

We expect the epic battle with Monetary and fiscal stimulus on one side vs. the economic and EPS reality on the other.  It is rarely said, but sometimes the hardest thing to do is remain a patient buyer when stocks are seeing a historic ramp, but our data continues suggest that is likely the right course of action.

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