By all appearances it seems the market has now reduced the half-life of global nuclear armageddon threats to around 20 hours as Gold’s gains have been erased overnight and USDJPY retraced its losses…
Which is not surprising given the new normal’s continued bulletproof markets. However, as former fund manager Richard Breslow discusses today, at some point these now-ingrained biases – this expectation that every dip is a buy, no matter what – may be set for a challenge as he reminds raeders “you know what they say happens when you assume.”
Via Bloomberg,
We’re getting some jockeying of positions as befits the lead-up to the start of the fourth quarter. And it’s happening with a very confused and confusing backdrop of conditions tugging in different directions. It will be especially important to avoid assuming the same causality in every trade. We will get meaningful periods of risk on or off, but that isn’t what we’ve been experiencing. Certainly not yet.
This post was published at Zero Hedge on Sep 26, 2017.
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