So a bit of reversion across Europe today, after yesterday’s excitement over the Moderna vaccine news. Implementation timelines remain the main speedbump to any sustained rally, though we are starting to see a growing dichotomy amongst clients, between those buying the longer term horizon, and those trading the shorter-term volatility. Both Growth and Value are currently trading in lockstep with each other after initial outperformance by Growth. We are seeing most sectors in the red, and while there’s no real surprise seeing Travel & Leisure at the bottom of the pile given today’s reversion, Healthcare is also struggling. The VIX is creeping higher, but nothing much to report there until it gets close to the 25-30 range.
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