Over the last couple of months, making sense of price action, especially from a fundamental perspective, across markets has been challenging and frustrating. The result has been an increasing reliance on equities, the one trade that, come rain or shine, has been unstoppable. Sure, there was always the risk that this was simply FOMO, positions were crowded, and we were living on borrowed time. But as they say, make hay while the sun shines. So, with central banks’ balance sheets to your back and tight stops, the risk-reward was manageable.