12/11/18

Nomura: This Was "Death By Papercuts" Mixed With Hedge Fund Redemption Panic



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Nomura: This Was "Death By Papercuts" Mixed With Hedge Fund Redemption Panic
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One day after the midterm elections, when the Dow soared by over 500 points on abysmal volume, the formerly bearish narrative immediately turned to how wonderful gridlock is for stocks, with Wall Street suddenly certain that based on historical patterns - according to which the market has levitated into year-end every single time after midterms - this year would be no different.

So much for certainty: as of today, all the post-Midterm gains are gone...

... and the market has resumed its downtrend, down 6% since October, compared to a 10% drop for the ...

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