What goes up (via free money and practically infinite leverage and rehypothecation) must come down (when the flow slows)… the dominoes are falling…
First Emerging Markets, then US High-yield credit, then US Stocks, and now European stocks…
and remember – this “selling” overseas does not mean “buying” domestically as the majority of these hot money flow trades are credit-funded and merely extinguish the debt at the margin…
h/t Bloomberg’s Chase van der Rhoer
via Zero Hedge http://ift.tt/1b2L0dz Tyler Durden