Bulls fumble badly as markets flip to risk-off. No evidence of a tradable low as near term support breaks. Last week, global markets saw a risk-off reversal as the proposed 3rd wave momentum driven rally failed (as tweeted). Last week's decline likely confirmed an a-b-c rally which opens the door for more bearish interpretations that […]

The global equity market melt-up continued as the Nasdaq finally made new ATH's. This latest market rally appears to be a 3rd wave of an impulse. Friday's NFP driven rally invalidated many near term bearish momentum divergences as markets gapped higher. The US$, Bonds and PM's all sold off as expected while the risk-on rally […]

Our big picture market outlook remains unchanged - we are looking for an impulsive 5 wave rally to new ATH's to complete the post-2009 rally. Deteriorating economic fundamentals, social mood and demographics coupled with historic system-wide leverage present the worst investment environment I have witnessed - central banks are holding the markets together with duct […]

Last week, global equity markets rebounded strongly following a corrective 3 wave decline testing recent cycle highs. Despite the negative macro economic news, central bank liquidity continues to support this risk-on environment. Rates and the US$ remain trapped within an intermediate term wave (b) triangle as we await a wave (c) thrust. Precious metals are […]

Last week, equities corrected lower from recent swing highs as expected with minimum downside targets met. The question is whether the corrective decline is complete for 2/B and markets push higher in wave 3/C or just "part" of a larger corrective decline? The US dollar and Bonds remain range bound as Fed printing continues to […]