Many of the major markets had made quite respectable gains and losses YTD up until recently.

These same markets have, on the whole, traded back to where they were at the start of the year and, in the case of bonds in Europe, gone well beyond.

In the closed system of major financial markets there is more than gristle to be had by looking at relative magnitudes and times elapsed from the beginning of periods to extremes and back again of different markets in ones trading 'universe '.

It is also worth asking if the, for lack of a better term, 'reversionary laggards'–in this case EURUSD and the DAX–both of which still some way from 1-1-15 levels–if this is predictive. Must these errant sheep rejoin the pack and trade back to initial levels seen the start of the year?

Is this a constructural phenomena? I believe it is. And a strong one at that.


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