Markets these days are full speculative money
they may indeed be forward looking but whether they are correct is another story , thru where very wrong when IO was priced at 35 dollars or oil in the 20s or Nickel at 6000 etc etc. These days speculative money looking for a return will take a position on anything and everything. I agree the tarrif fears etc add to sentiment and even potential some liquidating of physical positions but good money rarely made in the crowded trade
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Markets these days are full speculative money they may indeed be...
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