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      Worried Wilson

      Main bullets summarizing Wilson's logic:

      1. Yield curve steepening and regional bank stocks acting risk-off.

      2. Investors should position portfolios defensively.

      3. Focus on companies with high operational efficiency and quality earnings.

      4. No evidence of a new bull market; bear market has unfinished business.

      5. Tech's outperformance may not be sustainable.

      6. Wait for durable low in broader market before adding to Tech aggressively.

      Worried Wilson
      Source: Morgan Stanley
      Dirt cheap

      Daily straddles are very cheap. We outlined our general view on volatility earlier today, see here.

      Dirt cheap
      Source: GS
      Massive error

      Albert Edwards with a rather aggressive tone: "I believe the Fed is sowing the seeds of yet another policy disaster. Having let the inflation cat out of the ‘transitory’ bag, it now seems determined to regain its credibility by driving CPI inflation all the way back down to its 2% target. This has led to a huge divergence between goods and services inflation. This policy error is the mirror image of the mistake the Fed made after the 2008 Global Financial Crisis, the very mistake it was castigated for by former Fed Chair, Paul Volker, back in 2018."

      Massive error
      Source: Soc Gen
      Utilities flow mania

      Playing the contrarian utilities long is a late trade. The crowd has been forced to chase this "forgotten" sector.

      Utilities flow mania
      Source: BofA
      Problems in tech land?

      This is the 1st back-to-back tech outflows since Apr’23.

      Problems in tech land?
      Source: BofA