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A Debt Ceiling Compromise is in sight but still needs Congressional approval.
A small chance remains that they won’t get enough votes.
But surely they realize the market reaction would be extremely negative.
So, what’s next for markets? ☟
➠ POLITICAL DRAMA
This political drama winding down marks the beginning of the US Treasury rebuilding their TGA, which ran down to near zero.
Most macro pundits predict building the TGA back up to bring some significant headwinds for markets in the coming months.
➠ TECH IS FEELING CROWDED
Recent crowding into tech longs resulted in the narrowest rally in decades!
Comparing NDX vs. RTY, we can see the recent AI madness has the ratio surpassing the dot-com bubble territory!
And if 2023 has shown us anything, it’s that consensus narratives can flip quickly.
➠ IT’S ALL ABOUT THE RISK/REWARD
Resilient economic and inflation data have kept yields rising, but stocks have mostly turned a blind eye.
As such, we have to question the risk/reward of being long stocks here.
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In the meantime, get more color on these market dynamics in this clip from today’s Macro Options Spotlight↴
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Debt Ceiling Drama & Tech Madness! | Is Now the Time to Sell? | Macro Options Spotlight | May 30, 2023
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