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A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

My attitude may change by Monday, but a research report from Jefferies equity strategist Sean Darby is giving me bearish market thoughts,

“'Phantom' or apparent demand created by speculative positioning in the futures has been as much as force for commodity price rises as well as falls over the past year. Excess liquidity (money that is not demanded by the economy) has been so large due to central bank operations that it has been able to distort pricing. For example both the British pound and US treasury speculative futures positioning at the end of this year was the most extreme ever (see RHS charts). On almost all measures, risk appetite is insatiable. A weak dollar, negative real rates on virtually every G7 10 year bond alongside tight credit spreads has produced a windfall risk backdrop for equities. However, it has not necessarily produced symmetrical inflows. “

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