‘When is it safe to buy small caps again? Not until HY credit spreads blow out!’

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Indeed!! pic.twitter.com/xRpdyCblIs

— Michael Lebowitz, CFA (@michaellebowitz) September 27, 2023

We can see how weak small caps have been during this Fed tightening cycle. The chart shows absolute performance. Only 1972 was worse — another cycle, like now, in which the Nifty Fifty dominated. /2

— Jurrien Timmer (@TimmerFidelity) September 28, 2023

Oil up

USD up

Yields up

This is NOT a risk-on environment pic.twitter.com/UkmYADCy3e

— Game of Trades (@GameofTrades_) September 28, 2023

See also Recession confirmed: Germany’s economy shrinks again, marking second consecutive year of decline.

See also Tether halts minting, Europe bans it tomorrow; exchanges delist. This timing is epic. Saylor is massively exposed and out of cash in January 2025. This entire Nov-Dec range seems like one giant distribution

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