Business

There is just one word to describe the thought process of the "smartest guys in the room", those who manage trillions in assets and respond to BofA's monthly Fund Manager Survey: confused.

As BofA's Michael Hartnett summarizes the confusion, while on one hand only 7% expect a "recession" in the coming year...

... expectations for flatter yield curve - that surest leading indicator of a recession - just hit the highest since June of 2011:

Submitted by Jeffrey Snider via Alhambra Investment Partners,

Today's stock market brought to you the number '25' and the word 'algo'...

What happened during the last FOMC meeting week?

Charts: Bloomberg

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Presented with little comment.. aside to note that every rip from a dip is greeted by the mainstream stock enthusiasts as a balls-deep buying opportunity in every oil & gas stock... only to be grossly disappointed a day or two later...

Stocks flip-flopped from USDJPY to crude as correlation-algo-in-chief...

But did stops just get run?

And credit is continuing to collapse as stocks bounce...

"Fool Me Thrice?"

Charts: Bloomberg