Morgan Stanley: It’s Not A Bubble, It’s Not

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Correction has arrived, positioning and leverage should do the rest. A combination of peaking rate of change in M1/M2and aggressive short squeezes has led to a significant degrossing by hedge funds. Markets corrected 3-5% with many of our favored trades taking a much needed and expected hit. This is normal in an exuberant bull market but we don’t think the…

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