Last week saw a continuation of the primary themes of global equity market strength, US$ weakness, rising bond yields and declining PM's. I am looking for near term trend exhaustion this week and the nature of these next moves (corrective or impulsive) will be key to the bigger picture direction of markets. Our thesis is […]

Global equity markets rallied last week as bonds declined impulsively - with FOMC on deck this week, we should expect low conviction markets as the Fed likely describes its QE exit strategy. This will be an important week for the US$ as we search for a tradable low. Bonds declined sharply as we look for […]

The key market trends of a bullish equity market, bearish US$ and counter-trend rally in bonds are close to ending but we have no confirmation of a market reversal at this time. I am as flat as a pancake while I wait patiently for signs of a reversal. Patience and capital preservation is key for […]

Last week's equity rally confirmed a corrective decline which was either "part" of a larger correction or we immediately push to new ATH's to confirm a 5th wave extension. I still see no reason to embrace equity risk here given where we are in the bigger picture (I don't like chasing) and macro risk. Last […]