The market fall this year has been steady and relentless rather than a panic crash, and last month the Sell in May mantra cut through and markets switched to bear market behaviour of selling rallies and not buying dips
Much of this we believe has been associated with leveraged structures unwinding, combined with fund redemptions, especially in tech, reversing the ‘upside crash’ of last year
Confidence is picking up slightly, but the Fed is key, in particular the extent to which it actively want the markets lower
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