Doing Little as Dispersion Infects Everything Across Macro

There are a number of things that strike me about the overall global macro tape that are increasingly unhealthy. Take today so far (as of around 10am ET): palladium/silver +1%, platinum -1%. Heating oil +2%, gasoline -1%. Soybeans +2%, wheat -1%. Naz +70bps, Spx flat, Dow down. A$ up, EUR down. It’s almost like there is a giant dispersion trade running through global assets and the mkt is having trouble making up its mind on anything. Some would say “asset pickers’ market” the way Dispersion Bros have led everyone to think “stockpickers market”… please. We are firmly in the liquidity dog days of summer, and this market action is concerning.