21/11/18

"Nothing Is Working": Stunned Investors Observe The Market Carnage In Shock



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"Nothing Is Working": Stunned Investors Observe The Market Carnage In Shock
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Usually the excuse "nothing is working" is used by finance professionals when begging clients not to pull their money, desperate to explain woeful performance and when there are no other explanations left. Only in 2018, that excuse is absolutely correct.

After another abysmal day, in which every single sector in the market closed in the red as stocks tumbled 2%, capping a dreadful two-month stretch since the S&P hit its all time highs exactly two months ago, which has seen both the S&P and the Dow turn red for the year with the Nasdaq just barely holding onto green, while oil crashed 6% slumping to a one year low, junk bonds matched a record streak of losses, the overall market just suffered one of its worst sessions in the past three years.

But what is most remarkable is the following chart from Bloomberg which shows the year-to-date return of the best performing asset between US and global equities, corporate bonds, Treasuries, gold and real cash, and according to which 2018 is shaping up as what may be the worst year on record for cross-asset investors. Indeed, nothing at all has worked this year!

The inability of any single asset class to ....

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