Hartnett: These Are The Biggest Pain Trades For Q4

There has been much skeptical commentary among the peanut gallery how Michael Hartnett's call to short the first rate cut has been a dud. Well, it may come as a surprise to said gallery, but the S&P is unchanged since the first rate cut in mid-September...

... which means the jury is still very much out; and once the government's "data" lies catch up to reality once again - as they did back in September after the near-record downward jobs revision - and the recession becomes apparent to all, Hartnett will be proven right once again (after all there is a reason why the Fed is cutting rate). That, however, won't take place until the election, so until then we have to contend with tactical trades. Here, Hartnett made several recommendations in his latest Flow Show, including long gold (we doubt we need to tell readers where gold trades today), as well as short 30Y bonds, arguably the best trade since the Sept 17 FOMC.