Daily Wrap – There Are A Lot of Contrarian Extremes Building Up

Bifurcated! I don’t get to use that word a lot. Another word I’ll throw out there, “Euphoric.” Macroeconomic data was light today, but it was bad and dragged the Citi U.S. macroeconomic surprise index to the lowest since May. The emerging trend is that U.S. economic data is surprising to the downside, and that trend…