Hartnett: "Pivot Portfolio" Soars On Gridlock + Crypto Credit Event + Cool CPI + Bears Galore

Well, Michael Hartnett was right again: one week after the BofA (tactically bullish) permabear said that a collapse in the job market was the one thing that would immediately force the Fed to pivot (a decision facilitated by inflation continuing its slide) and specifically warning that here come the "credit events", we got one of the biggest credit events in modern history, when crypto exchange FTX turned out to be one giant fraud, and as a result its value imploded from $30 billion to $0 literally in hours, the fastest vaporization of capital in history.

It is not surprising then that crypto is one of the core topics covered by Hartnett in his latest Flow Show note (available to pro subs). As Hartnett puts it, the 77% peak-to-trough crash in Bitcoin ($70k peak Nov 10th ’21) rivals some of biggest crashes of all time...