As noted last week, global equity markets remain in near term topping patterns - I see no value in being long equities at this point in the cycle. There remains no convincing evidence of a sustainable top in place so I remain flat equities until further notice. I just don't see the risk/reward here for […]

Sometimes, when the markets are quiet, it helps to step back and look at where we are in the bigger picture. This helps anchor our risk/reward trading decisions on the shorter time-frames. I continue to posit that we are late in the 9th inning of an ending multi-decade bull market. It is important to keep […]

Last week's volatile price action has created a lot of uncertainty in the charts with a lot of trend momentum breaking down. As such I have flattened positions until we get a clearer picture of market structure. FOMC later this week should help provide clearer market direction. The clearest trade potential is for ES shorts […]

Last week, our themes of bullish bonds and PM's and bearish US$ continued. The global equity markets have remained resilient with some indices breaking out to new ATH's despite the conflicting signals sent out by the Yen, Bonds and PM's. While we expect these themes to continue, the US equity markets are challenging important resistance zones - most […]