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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we review the 5th 3% decline for the S&P 500 this year. Selling has been in large part a function of technicals, but there are deeper fears about the possibility of recession. We compare the current sector suffering (housing) to the oil market weakness of 2014-2016, which is a good example of markets and pundits confusing sector weakness for secular weakness. We also take a look at fixed income relative value and positioning to get more insight on the massive flattening and bond rally of the last two days.
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