Our big picture global macro trends remain intact. Equity bull markets continue to make new cycle highs as expected while bonds are threatening to break down. Commodities fell hard last week as the one-sided reflation trade stalled with too many longs finally capitulating. There is a good reason why we focus on trader positioning as well as […]

"If we are truly back in risk-on mode, we should see equities and the USDJPY rally while bonds and PM’s should be sold." MCP Market Update: April 24th, 2017 So far so good with our post French election risk-on stance as the bulls took the ball and ran with it. The Nasdaq and Russell push to new […]

With the French election now "mostly" out of the way we can refocus on the bigger picture market trends. Global equity markets remain within 4th wave corrections as they burn off overbought readings through time and not price. These corrections to date have been very shallow. The US$ is once again testing key support for our bull case while bonds […]

Headline risks abound: Donald Trump torched a couple of our near term counts last week in Bonds and PM's while he decided to launch tomahawks into Syria and tweet how the US$ was too strong. This will be an interesting presidency. This week will likely be driven by geopolitical events with the French election due […]

Important Notice: I will be travelling with the family over the Easter break starting Thursday and returning on Tuesday. I will remain contactable but my response time may be delayed. Global equity markets held our near term support last week while US$ strength continued unabated despite weak NFP numbers. Bonds rallied most of the week into […]