Finanshuse: Markederne er stadig stressede, trænger til Healing

Takes time

Markets are making a lot of noise but going nowhere — still stuck at the same levels as before the April 4th shakeout. Beneath the surface, volatility is cooling, credit stress is lingering, and gold is quietly stealing the spotlight as everything else tries to heal.

Much ado

Our main take is that markets need to “heal”. Despite all narratives and news, we remain trading at the same levels we traded at before the April 4 puke.

Source: Refinitiv

Remember that 2022 analogy?

Still playing out well…

Source: Refinitiv

Buy at 4700

SPX 200 weekly moving average comes in around 4700…

Source: Refinitiv

Uncertainty mania

Wherever you look, uncertainty has exploded higher.

Source: Soc Gen

Stubborn credit stress

Credit protection remains rather well bid…

Source: Refinitiv

Credit vs equity stress

VIX is not low….but has fallen from recent panic highs. Credit stress on the other hand has “parked” up here…

Source: Refinitiv

MOVEing lower

Bond volatility has eased some over past sessions, catching down to the VIX move. The volatility shock over past weeks has been huge, and it takes time to heal…

Source: Refinitiv