Roaring Comeback of Reflation and Commodities

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S&P 500 broadening leadership and fresh reflationary ATHs are here – the FOMC “tightening” hit notwithstanding. Energy, financials and industrials I discussed yesterday and before, were among the leaders, with tech not staying far behind. Crucially, the tech breadth was also improving – such rotations are the stock bull market‘s health. Neither the VIX nor the put/call ratio are arguing. The sentiment going into today‘s non-farm payrolls, remains constructive, and unlikely to result in reconstruction of the Fed tightening bets. Such was my real-time Twitter interpretation. Q1 2021 hedge fund l…

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