PGMFF - Don't Expect A Stock Market Correction But The Easy Money Has Been Made
2024-05-28 08:05:00 ET
Summary
- While it is not the time to be making any kind of significant bear case for risk assets, I think we are reaching the stage in the cycle where most of the easy money has been made.
- The dollar, oil, and input prices all remain fairly stable and are far from the worrying levels we saw at start of 2022.
- While I expect industrial commodities to continue to benefit from what appears to be a cyclical upturn in the manufacturing and industrial production cycles, speculative positioning is starting to get rather stretched.
The easy money has been made, for now
While it is not the time to be making any kind of significant bear case for risk assets, I think we are reaching the stage in the cycle where most of the easy money has been made. At least for the time being....
Don't Expect A Stock Market Correction, But The Easy Money Has Been Made