From The Money Game:
In his latest note, Gluskin-Sheff's David Rosenberg highlights interesting behavior on the part of equity managers:
The VIX is at 17; the TED spread at 8bps; CDS has tightened in to six-week lows; the Nasdaq and small cap indices have broken out to new recovery highs; oil is back above $82/bbl … and, as charts below from the ICI illustrates, portfolio managers have been so nervous to miss any up-moves that they have run down their cash holdings to...
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