There's a belief that every so often, investors will rotate from stocks that have outperformed the broader market... And move into those that have traditionally underperformed.
There is a lot going on in the second half of this week. FOMC, BOE, BOJ, all within a 15 hour period. Three hours later the OPEC (JMMC) meeting starts, and we have Quad-Witching option expiries on Friday.
DB will share his thoughts for the week ahead in the discord a little later. Risk sentiment is off to a positive start, with a sea of Asian green on the screen... Nasdaq futures are already up 1.
So, it's the main event today... the ECB meeting! David's thoughts are here. The ECB "sources" piece that Bloomberg ran yesterday was good for a 70 pip rally. Some European Central Bank policy makers have become more confident
DB's comments; Not a lot relevant for me today. Waiting for the main event tomorrow. Brexit "developments" are worth monitoring. GBP has taken a decent hit on these headline trades. There's no real substance to the reports. They
Risk is still under pressure today. Oil futures are down by 1%; light crude now $39.20, Brent $42.14. Nasdaq futures fell on the open, currently down over 1% on the day. The main story overnight was
Very much a risk off session in Asia. Blame the Fed for revealing what we already knew...
The banks are now sitting on hard-to-value trades that they say are worth about $250 billion, including categories that gained notoriety during the financial crisis, such as complex debt securities.
