Market is not random but unpredictable
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Sudden Shift In Market Sentiment
The market has gone through a very sharp reversal in risk sentiment over the last 24h as buyers returned in mass in the US equity space, leading to an outperformance of the Aussie in the currency market, while the Yen and the Swissy suffered the most. Concerns of a re-peak of COVID-19 cases in the US, alongside risks of an outbreak in Beijing were brushed under the rug. What started as a creepy selling day in Asia turned into a meritorious 5% recovery from bottom to top of the range in the S&P 500. What acted as the main catalyst leading to an acceleration in gains across risk assets more broadly included the ... (full story)