Stocks fall as bonds blast through Maginot line

Wednesday 13 May 2026

TME on the big reversal.

Just In Time

The AI melt-up came into today at historically stretched levels. Nasdaq was trading more than 15% above its 100 day moving average, risk appetite had surged to one of the highest readings in years, and retail call buying was approaching meme-era extremes.

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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.