The Stasis Club—The Markets Are Converging At 1.0 On 0.0

... we can now add the S&P 500 and even JPY. Rather than signify a stable environment, I firmly believe there is growing unease about which way to go – as if nobody wants to make and carry large bets in a defined and intentional direction. That is about as far from an organic market as you can get, as if everyone is waiting around for someone else to do something. Is Pavlov late?
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