July 3, 2025· 24 min

Charlie McElligott on How Long the Stock Market Rally Can Go

Charlie McElligott

Orality

Model

77%

Oral-dominant (speeches, podcasts, storytelling)

Speaker Breakdown

HostJoe Weisenthal(299 words)

M:28%

HostTracy Alloway(575 words)

M:29%

GuestCharlie McElligott(3,698 words)

M:29%

Oral Indicators

Agonistic28%

very, basically, crazy

Engagement78%

you, our, your

Memory Aids100%

listen, now, so

Repetition100%

know (151x), like (86x), market (32x)

Parallelism58%

So I didn't actually see where..., But it's crazy to me all that'..., And, as so often is the case, ...

Sound Patterns74%

41 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases14%

at the end of the day, you know what, i mean

Literate Indicators

Hedging10%

could, probably, might

Passive Voice6%

was recorded, be even, are stuffed

Abstract Nouns19%

investment, information, volatility

Subordination7%

because, though, however

Sentence Length31%

Avg: 12.8 words/sentence

Word Complexity47%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style22%

436 personal pronouns found

Descriptive Style90%

monthly, carefully, basically

Description

Stocks plunged after the April 2 "Liberation Day," in one of the worst drawdowns in the market's history. Since then, however, we're basically back to all-time highs and things have been pretty calm in the market. On this episode, recorded live onstage at our June 26 event in New York, we speak to Nomura cross-asset strategist Charlie McElligott, about what's been driving the rally. He says he's seen "relentless" selling of volatility as investors who sold back in April chase the rally. That's culminated in some weird market dynamics. The question, of course, is how long this can continue and what it would take to unsettle things from here. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

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