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 […]

Last week, global equities extended their declines to new cycle lows despite interventions by the Central Banks of Japan, China and England. The Fed's strong hawkish signalling reaffirms the bearish outlook for global risk. The Fed won't stop until long rates stop rising and they get back ahead of the curve. Global equity markets remain […]