Global macro market trends remain intact driven by global liquidity, leverage and ultra-low interest rates. The only likely trigger to pop the "everything bubble" is rising rates in a highly leveraged world. How long can the Fed pin rates? Global markets are warning that our stagflation outlook is becoming a higher probability outcome. Buyer beware. […]

The everything bubble continues to inflate risk assets until it doesn't. We see no evidence of weakness in the bullish market trends as primary equity markets subdivide higher. We continue to look for a major market top in 2021 but we're not there yet. Global risk remains supported by excess liquidity, low rates and a […]

The risk-on sentiment continued last week as global equities continued to rally, the US$ declined, rates stabilised and commodities caught a bid. Bitcoin broke sharply lower from our ending diagonal over the weekend but is yet to confirm a change in trend. While global risk is extended near term, the everything bubble fuelled by low […]

Last week saw a continuation of the bullish equity market rally. The SPX and DJIA led the way breaking clear of new ATH's while the Nasdaq rallied to retest its ATH's. The Russell continued to lag as it remains trapped within a 4th wave correction. The DXY turned sharply lower from resistance while rates and […]

The bull market rally continued as the series of corrective declines and impulsive rallies remain intact. Yes, the equity markets are extended, but as long as we continue to see higher highs and higher lows, the bulls remain in control. Despite the strong NFP on Friday, long bonds held support while the US$ weakened across […]