The market is blowing up this morning and the question is, why? The answer is the same as always: Reckless speculators borrowed too much money against the wrong asset. This time it is the yen carry trade. Periods like this are not fun, but for prudent investors they do create opportunities.
It is summertime in the markets, which historically means volume is lower and we get strange, nonsensical movements that most often correct themselves once the professionals return from summer vacation. Four years after the pandemic, we continue to move closer and closer to normal. What does that look like this summer?
