Investors have clearly taken some chips off the table. On a technical level, the bulls have lost some ground as major US indices slide below their 50d mva, breadth continues to deteriorate, and some defensive names are making 3-month relative highs. But to take the 30,000-foot view – what has really changed in the past month? For the bears, a hawkish reality check for investors is certainly number one on the list, complimented by elevated yields and commodity prices, but to play devil’s advoca…
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