S&P 500 Delivers A Dead Cat Bounce – Fuse Has Been Lit

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(…) We‘re in for a dead cat bounce attempt today – even if import prices don‘t point to yet another source of quickening domestic inflation, the quickening export prices pace reveals that U.S. inflation is being also directly (not just via exchange rates) exported. The point is how far it can carry the stock buyers, and whether the turn in bonds can be classified as risk-on. It has the potential to turn into risk-on retracement of the S&P 500 downswing as Nasdaq can kick in (tech largely missed Friday‘s retreat in yields, still digesting Mester and Bullard talk of 5.50%). Q4 2022 hedge fund le…

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