The Notorious BTD… Sometimes a boot and rally is all that’s needed to get the partying back on track. Yesterday’s wild comeback put to rest any doubt that the Buy The Dip mantra has faded, with the S&P fighting back to a positive finish after being down -1.8% for only the 11th time the last decade. That’s made is a lot easier for US indices to put on a repeat performance today: another break higher for Treasury yields sent equity futures lower before the open, but the damage never got serious as FOMO and Fed speakers have continued to help the market come to terms with the new reflation environment. That rebound has turned into a full on reopening celebration, with the S&P only a measly 25bps away from a new all-time closing high! Not much dip left to buy it seems…
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