By Tyler Durden
Here is yet another take on the S&P’s breach of the 200DMA – the first time the two lines have crossed since Brexit – from Bloomberg markets commentator, Richard Breslow, who however takes on a contrarian, mocking approach to the sudden army of chart experts spawned over the past 24 hours, lamenting that “I’ve never seen more market commentaries that said something along the lines of, I don’t believe in technicals but if this line is broken it’s going to be huge. Or my favorite, I don’t usually believe in technicals, but…”
Which of course is even more insult and injury to all the fundamental, value investors out there, whose investing skills have resulted in precisely zero alpha over the past decade courtesy of such Chief Risk Officers as Central Banks.
Below is Breslow’s latest Traders’ Notes:
Equity Battles Made Most Choose Love Over War
The only thing more symptomatic of a bipolar condition than how the equity markets have been behaving is how it is viewed by traders. So it makes entire sense to me that I have gone from looking at asset-price movements and thinking these people are crazy, to “this just might make a great deal of sense.” The day …read more