By Pam Martens and Russ Martens: May 10, 2022 ~ Last October 6, Bloomberg News had a prominent headline on their digital front page that read: “Citi Says Banks Are In, Tech Is Out Ahead of Rates Lift-Off.” The thrust of the article was this: “In the race to find the best hedges against higher rates and inflation, Citigroup Inc.’s chief global equity strategist is moving with the tide toward global financial stocks. “Like a growing number of his peers, Robert Buckland expects value stocks to provide a degree of protection against the market turbulence brought about by rising bond yields.” There’s a sleight of hand in that phrasing, somehow transporting the riskiest megabanks and their trillions of dollars in opaque derivatives into “value stocks.” A global bank is to a value stock what a loaded grenade is to a box of granola. There is zero correlation. (See our warning about … Continue reading Charts: “Massive Buyers’ Strike” for Tech; Bitcoin as an Inflation Hedge Exposed as a Bad Joke; Megabanks in Freefall