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"Range mania" - is the biggest pain trade a break out higher?

The Market Ear Picture

Major indexes have continued to trade inside their respective ranges for the past months. We have seen a few "shake outs", but markets have reverted back to the range, frustrating momentum chasers.

Interesting to note is that several of more risky assets have decided to move sharply higher over past sessions. We have seen notable squeezes in EEM, EWZ, CQQQ. These are all "exotic" risks and show a lot of the risk willingness among investors, especially as SPX remains rather dull here (our most recent logic on EEM here, Brazil here and Asian tech here).