Last week, global equities extended their gains as the cycle of higher highs and higher lows continued unabated from the December 2018 lows. Once again, rates and the US dollar remained largely unchanged while precious metals may have peaked near term. Commodities continued their respective rallies as Dr Copper broke above key resistance and accelerated […]

Global equities extended their gains last week as our near term bearish count was quickly invalidated. While equities rallied, it is interesting to note that the US dollar and rates remained largely unchanged for the week. Commodities were also well bid late in the week confirming the risk-on market. The global markets have truly embraced […]

Last week, global equities reversed lower with the SPX and Nasdaq stalling out at respective 200 day sma's. European equities continue to be the worst house in a bad street. Bonds rallied unexpectedly while the US dollar strengthened across the board. Commodities and precious metals also appear to have topped out near term. Please note […]

Global equity markets either topped in 2018 or are in the process of topping. We have a potentially complete 5 wave impulsive rally from the 2009 lows that terminated in September 2018. However, due to the corrective looking 3 wave pullback into major support, we cannot confirm with confidence that the bigger picture rally is over. We need […]

"In the Fed we Trust" - global risk markets continue to be dominated by the whims of the Fed - this is a market where "hope" and "faith" (assurance of things hoped for, evidence of things not seen) are preferred over economic reality and free markets. Our goal as market participants is to understand key market […]