Market algos chasing Central Bank intervention, rather than anticipating it

Markets are going with the ‘flow’, because that’s the only way to trade these algo-driven markets.   The new Fed chairman flip-flops from hawk to dove while the ECB hint at following suit (ahead of its May parliamentary elections) and the Chinese unleash another Tsumani of credit. Equity valuations meanwhile recoup the Q4 lost ground, notwithstanding […]