The Most Hated Trades Are Suddenly Getting Interesting
The great market shakeout
Markets are bouncing, but the real story is what sits beneath the surface. Semis are holding critical support as fundamentals remain resilient, systematic selling has intensified, and seasonal tailwinds are starting to kick in. Meanwhile, France is trading at a record relative discount, gold shorts are piling up, silver is experiencing a historic washout, and Brazil is facing an increasingly uncomfortable fiscal reality. Plenty of extremes, and potentially some interesting turning points.