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TME with a big roundup of equity charts.
Soggy tech, Russell revived
The market is starting to look very different beneath the surface. Nasdaq remains trapped in its trading range, tech volatility continues to command a substantial premium, and CDS stress refuses to disappear. Meanwhile, Russell has staged an impressive comeback, reclaiming its 200-day moving average after a brutal washout. Extreme short positioning, flagged by GS near the lows, has helped create the conditions for a powerful squeeze. The question now is whether this is simply another positioning-driven rebound or the beginning of a more meaningful shift in market leadership.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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