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The Saxo Bank Group (Saxo), a Danish online multi-asset trading and investment platform, in its annual “Outrageous Predictions” typically warns of events that. 02.12.2021, Sputnik International
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Stocks pare gains after ISM, meme stock mania returns, cryptos struggle
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Many Americans got their first taste of normalcy this weekend, so it is no surprise that airlines, cruise ships, and hotels, pretty much all the favorite reopening trades got off to a strong start. The reflation trade seemed to be back as commodities surge across the board, supporting the move higher with Treasury yields. It initially looked like optimism will be the theme leading up to Friday’s jobs report. A strong nonfarm payroll report that includes an upwardly revised prior reading could be what is needed to send Treasury yields higher again.
If it were a horror movie, they might call it: “Return of the Killer Meme Stocks.” Similar to earlier this year, big returns in meme stocks have brought scary P&L pain to the hedge fund community. Didn’t they learn their lesson in January?