An Unnerving Feeling of Something Not Being Entirely Healthy Beneath the Surface
An elevated amount of anxiety
For a year where the biggest market in the world (S&P) has hit its +30th all time highs... and 6 of the 10 biggest stocks in the US hit individual all time highs….there is an elevated amount of anxiety. In some respect it is simply a reflection of the narrowness of the market…and the ability for the headline to stay calm as long as a few heavyweights stay out of the macro/micro cross hairs. Some theme unwinds of late – software, defence, Aicapex and Europe. Some worries around positioning and consensus trades and the risk to momentum. A broader feeling of de-gross and de-leveraging beneath the surface, and a push pull of a market sitting at or around all time highs….and yet an unnerving feeling of something not being entirely healthy beneath the surface. (Bobby Molavi)