Dancing to the madman’s tune

Monday 20 April 2026

TME with the charts.

It’s déjà vu all over again

We’ve seen this movie before. Violent selloff, positioning collapse, then a face-ripping rally fueled by liquidity and re-leveraging. From hedge funds to CTAs, the setup looks eerily similar to 2025—and if that analogy holds, this move may be far from over.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.