Last week saw a continuation of the rising global bond yields we had been focusing on. This trend was supported by a weakening Yen and Precious Metals. Global equities mostly churned sideways in non-directional trade. In an ideal world, we would like to see one more marginal new high in the SPX, DJIA and RUT […]

Last week we got the major bond bearish reversal we had been tracking closely. This will likely have significant implications for the FX, commodity and equity markets over time. The "price of money" and "global liquidity" is determined by the bond market. Fortunately, our technical analysis helped us see this coming before everyone else! Central […]

As noted last week, global equity markets remain in near term topping patterns - I see no value in being long equities at this point in the cycle. There remains no convincing evidence of a sustainable top in place so I remain flat equities until further notice. I just don't see the risk/reward here for […]

Sometimes, when the markets are quiet, it helps to step back and look at where we are in the bigger picture. This helps anchor our risk/reward trading decisions on the shorter time-frames. I continue to posit that we are late in the 9th inning of an ending multi-decade bull market. It is important to keep […]

Last week's volatile price action has created a lot of uncertainty in the charts with a lot of trend momentum breaking down. As such I have flattened positions until we get a clearer picture of market structure. FOMC later this week should help provide clearer market direction. The clearest trade potential is for ES shorts […]