Premium"Leaving Vapor Trails": Nomura's McElligott Says Monday's Melt-Up Was A Vanna Machine, And The Machine Just Stalled
On paper, Monday was as good as it gets.
According to Nomura's Charlie McElligott, 424 S&P 500 members closed higher against just 79 decliners, so 84% of the index finished green, with the rally "broadening-out across sectors and industries" after last week's AI purge. Even the Dow, the S&P and the Russell erased their post-election losses, as we noted in last night's wrap.