McElligott: The Biggest Pain Trade Of All Is A "Beta Rally" Into Year-End That Nobody Has On

Charlie McElligott starts his latest note by pointing out today's "flipped" market's reaction to the large batch of macro where despite stronger than expected GDP data, it was the "highest US Continuing Claims print since May"...

... that elicited the solid dovish impulse in markets (at least initially) and where Nomura analysts note that the jump took place for the week of Oct 14th, which was the NFP survey week, up 125k from September, which could put downward pressure on Oct NFP forecasts.