Last week, US equities turned sharply lower from resistance but the initial declines are not yet clearly impulsive. The Nasdaq indices in particular only show 3 waves down of equality into support and needs to break lower to help confirm the bigger picture bear case (reversal risk). Our likely tell. Last week's macro themes of […]

Equities ran higher last week as expected and are now entering respective sell zones for a potential wave (ii) top. This week will be a key inflection point for global equity markets - bears need to make a stand and reverse last week's rally or risk a bigger picture change in trend. While global bonds […]

Our big picture outlook remains unchanged - we are in a global bear market in equities. We continue to see impulsive declines and corrective rallies, lower highs and lower lows - the very definition of a bear market trend. Risks abound as global CB's raise rates and reduce liquidity in this sticky inflationary environment - […]

Last week saw wild volatility in global asset markets as CPI remained elevated and rates continued to rise across the board. Falling bonds, falling equities and a compressed VIX is likely the combination that causes maximum pain to all investment strategies. The US$ strength reflects the best house in a bad street. We are patiently […]

Last week, global equities rallied strongly before fading badly as bears regained control to test support (again). The Fed remains resolute as it continues to signal higher rates for longer resulting in reduced liquidity and greater uncertainty for risk assets. Global rates continue to rise across the board as the strong US$ exports inflation in […]