Dialing Back The Euphoria

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Fireworks largely continued yesterday. In stocks, it must be said – but the picture isn‘t one of universal strength as tech and value diverged again. As VIX is trading near the lower end of its recent spectrum, the bulls better wait for when Friday‘s Powell euphoria gets questioned in the markets. The most important turn of last week had been the removal of immediate and hard hitting taper (together with misplaced tightening notions) – now, we‘re enjoying the kiss of life this breathed into quality assets. Quality, that means those in strong, established bull uptrends, and those beaten down a …

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