The lack of positive growth momentum has undermined risk appetite. |
The most striking thing from the survey is how bullish everybody is. |
The reflation trade is back on. We are seeing more optimism about the global economy. |
The upside is critically dependent on an aggressive Fed easing, |
When there's such a strong consensus, the smart money's already there and there's not much for the marginal buyer to gain by following the herd. |