Asks how to characterize recent markets - resilient or complacent?
Sam
Liz Ann Sonders
Resilient is better descriptor than complacent; Brent crude over $84 is driver of short-term ups/downs and equity volatility through oil channel.
S&P near all-time highs; asks what signals indicate 'all clear' given dependence on energy markets.
Sam
Liz Ann Sonders
Longevity of oil prices is key; need to look below index surface where there's significant churn and rotation.
Asks if oversold pockets signal vulnerability or just a flush.
Sam
Liz Ann Sonders
Retail traders with short attention spans driving short-term market action, looking for both shiny and dull new objects.
Asks how to tie together economic data given potential stagflation concerns from Middle East.
Sam
Liz Ann Sonders
Manufacturing inflation concerning with prices paid component 'off the chart'; services inflation softer; economy showing resilience.