SpaceX Symbolizes Fading Momentum Trade: Bloomberg Strategist

Bloomberg macro strategist Simon White argues that SpaceX, which was seen as one of the hottest public-market launches in recent years, has become a clear symbol of a momentum trade that is now losing altitude.

White also notes that correlation pressures are waiting to strike and that the so-called "America's wealth mirror" is cracking. The analysis suggests fading risk appetite in the current environment.

No specific price targets or trade recommendations were provided by the strategist.