Uncertainty reigns given recent flip flopping from the Fed-heads. Equities stalled at resistance but the decline is only in 3 waves; Bonds rallied from support but it is unclear whether the bull market correction is complete; the Yen continues to correct in 3 wave structures with an uncertain outlook for now; Gold pushed to new […]

US equity indices pushed to new ATH's after the corrective decline as tweeted last week. With markets at key broadening formation resistance and earnings season now on deck, we are awaiting evidence of a bearish reversal as I don't like the risk/reward of chasing longs here. Long bonds continued to decline into our downside target […]

Last week, equities pushed higher into our resistance zone as expected. We are approaching a key inflection point for risk assets. Powell's testimony and CPI likely key sentiment drivers this week. While there are enough waves in place to complete this near term rally, there is little evidence of a bearish reversal. My preferred case […]

Risk markets gapped higher today following Trump's Huawei concession as he kicks the trade war can down the road. The problem is that the conflict is NOT resolved and the global economy continues to slow. We find it difficult to be overtly bullish risk assets with this backdrop as we are one bad Trump Tweet […]

Last week, equity bulls extended gains as expected and we are now testing ATH's and layered resistance. The US dollar reversed lower while Gold broke up and out of a multi-year triangle. Bonds made marginal new highs and reversed lower and Crude Oil broke up and out of 4th wave resistance calling into question the […]