Bob Elliott
· Nonconsensus
· August 02, 2026 at 22:07
| Read on Substack ↗
Summary
Last week's market churn was violent but net range-bound: 'brend' and SPY finished where they started, while bonds were the main loser after Warsh's 'lazy hold' on policy. The read-through is a risk-asset tape that is treading water while duration reprices around central-bank policy expectations.
•The article says 'brend and SPY ended up just as they started' despite what it calls 'quite the ride' last week.
•Bonds were 'the main outlier' and 'took it on the chin' after Warsh's 'lazy hold' on policy.
•The visible excerpt stops mid-sentence at 'Read more', so any named trade ideas or forward-looking setups in the full Week Ahead note are not available here.
Length244 chars
Categoryfinance
Ideas
Bob ElliottCEO & CIO, Unlimited; ex-Investment Committee, Bridgewater
The article calls bonds the main outlier and says they took it on the chin after Warsh's lazy hold; TLT is the standard ETF proxy for U.S. long-duration Treasuries, pointing to a duration-negative rep
The article calls bonds the main outlier and says they took it on the chin after Warsh's lazy hold; TLT is the standard ETF proxy for U.S. long-duration Treasuries, pointing to a duration-negative repricing.
Risk: The excerpt gives no duration, credit, or instrument detail, so 'bonds' could encompass credit or global fixed income rather than U.S. Treasuries specifically.