sure but imo its still trading light - ie cheap
id be surprised if they dont npat $6m+ annualised basis from here. but ive got a cyclical inflation bias
the selling yest imo was in part pricing in last night - not the other way. smart money can see short term tops in commods and overbought in stocks
but the juggling act v much is as you say - whats the longer term smoothed npat.
the big volumes are how they throw people off the horse as much as how they clear out shorts
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