Equity markets continue to extend gains led by the highly concentrated Nasdaq indices. The most heavily concentrated trades remain long Nasdaq, short US$, long commodities and yield curve steepeners - all implying an economic recovery. While we do expect an economic rebound, this is more likely a knee-jerk reaction to re-openings rather than a sustainable […]

If we step back from the day to day price action, we can stay focused on the bigger picture - this is an Ending Wave. The ingredients for an ending wave are in place - debt, deflation / stagflation, demographics, social mood, demand destruction and anti-globalisation. The core drivers of world economic growth that were […]

Last week saw a continuation of the bullish market trend as the Russell 2000 / RTY led the market higher (as expected). From a big picture perspective, we are still counting the 2020 rally as an ENDING wave 5 of V - hope springs eternal as macro fundamentals continue to deteriorate. This week's focus remains […]

US equity markets continue to hold support and threaten to extend gains led primarily by the Nasdaq indices. Global equities fell sharply despite the positive US lead. While we do NOT have confirmation of a top in equities, the fragmented rally warns of potential downside risks. The US$ / DXY reversed higher late last week […]

Global equity markets pushed to marginal new highs before fading late in the week. The equity market rally remains fragmented as the DJIA and Russell have yet to confirm the Nasdaq and SPX push to new cycle highs. All eyes were on the PM's as they accelerated higher following the DXY break of key support. […]