Since March 9th the tide of risk appetite is the primary driver of stock rally. Use ratio between high yield bond and investment grade to characterize, it goes neck to neck with many markets, euro, Hengsheng, commodity et al. Now for the first time in last 5 months, you see clear divergence.Thursday, August 20, 2009
In Search for Divergence
Since March 9th the tide of risk appetite is the primary driver of stock rally. Use ratio between high yield bond and investment grade to characterize, it goes neck to neck with many markets, euro, Hengsheng, commodity et al. Now for the first time in last 5 months, you see clear divergence.
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