A rather muted and disappointing follow-on for the SPX today, as the index gave back some of yesterday’s gains (though the Nasdaq outperformed +9bps after being +220bps yesterday). For once, the bigger picture was out of the frame as macro/economic headlines were subdued (the NFIB small-business optimism reached a 5-month high in Dec, but that got very little attention). Yields declined while the DXY continued to bounce +30bps and Oil recovered half of yesterday’s losses, up 2% and back above $…
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