Markets are hard to read

Today’s FT (C&F): Peter Oppenheimer of Goldman Sachs says that event-driven bear markets are soon over, so don’t worry, chaps, everything will be fine from now on, especially for Big Tech. However, maybe governments will have no option but to start taxing corporations to repair deficits.

“While the impressive rally in risk assets may turn out to have been too much, too fast, given the tough road to normalisation, it is less likely that equities break their previous low.”

In another article “Investors struggle to hear signals from bond trading” someone spends a whole page saying that with the Fed buying trillions of dollars worth of bonds, price discovery and the ability to infer information about the real economy from long-term bond yields may be impaired. Wow!

Another article says that China-focussed hedge funds have had a bumper run. Wow^2.

Today markets weakened. I created an account on the ironically named Wall St Survivor. Reminds me of the ever interesting Zero Hedge.