Day after day, we are witnessing new and inexpicable shifts in the so-called stock ‘market’ and machines and men battle it out (the latter losing to the former) in the war of information overload and trend analysis. As Richard Breslow, a former FX trader and fund manager who writes for Bloomberg, wrote so pointedly, one of the, many, evil consequences of the current trading environment is that people aren’t really paying attention to what’s going on.
What looks like hyper-sensitivity to every headline and news tidbit, is merely a manifestation of the sad truth that investors have realized there’s very little upside to believing in anything. Market narratives aren’t carefully crafted as new information deepens their texture. They change as if investors are wantonly playing with the remote control on the television set.
This post was published at Zero Hedge on May 15, 2017.