Market "Strains The Imagination" - Everyone From Goldman To Sterne Agee Stumped
Just in case people, as opposed to Virtu algos because we know they never lose money, were confused by this market, we have some encouraging words: don't worry you are not alone.
From Goldman's David Kostin...
The flat YTD equity market is impressive considering the news flow: Persistently disappointing domestic economic data (partly weather-related), an EM currency crisis, uncertainty in China growth and its shadow banking system, and the Russian invasion and sponsorship of the Crimea succession plebiscite on Sunday, to name just a few events since the start of 2014.
... To Sterne Agee's Carter Worth (via Bloomberg)
S&P 500 rise to new high recently was a "party for one" as other global indexes did not participate; "there are so many issues with the market that it strains the imagination," writes Sterne Agee technical analyst Carter Worth in note. Nikkei 225 "deteriorating for weeks" has “look and feel of an important topping-out formation” while European stocks at or below February lows. Small cap stocks, including solar, marine shipping, new-era dot.com, and micro-cap biotech stocks "surging with abandon"
So? The USDJPY is higher and that is all that matters. But yes, nobody has any clue what is going on any more. Just BTFATH, or if that is not available, just keep BTFWWWIIID.
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