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Craig Shapiro discussed the recent market rally and attributed its momentum primarily to non-fundamental factors.
Speaking in a conversation with Anthony Crudele, Shapiro highlighted how quarter end dynamics, pension rebalancing, JPM hedge activity, and other elements dominated the flows this week, contributing to the sharp move in markets.
Shapiro has cautioned that a recent Federal Reserve policy shift could unsettle investors. In a previous analysis, he noted Paul Tudor Jones’s breakdown of record trading volume and the breach of the 200-day moving average during Black Monday 1987. These references add context to his comments on current market flows.