2nd May 2019 - Vanda HS: US Earnings Environment Improving, But Beware A CTA-Driven Rates Scare

EPS misses continue to get punished heavily but reaction function has grown more constructive over the past week. L/S investors have grown more bullish as a result. This has helped supplement ongoing buying from systematic thanks to falling realized equity volatility. In any case, the same can’t be said for retail investor flows.

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