The market seems to be unable to decide if it prefers value or growth. Fickle investors once again sold technology stocks in favor of buying more cyclical plays, e.g.
The risk-off trade is dominating investor sentiment. One place where this is clearly evident is in cryptocurrencies which are undergoing a savage correction. Meanwhile, the US Central Bank, aka the Fed Reserve, is beginning to pivot from its accomodative monetary policy. The latest minutes show some of its members are more open to discussing the tapering of asset purchases. The implication of such is