During October, following a Summer of high level consolidation, Equity markets broke out to the upside once again. Since April, they had...

The last 12 months have seen an aggressive rally on defensive assets, fueled by many geopolitical risks (Trade War, Iran, US Impeachment...

Market tops are usually marked by Euphoria and “this time is different” type of assertations. To be fair, for now, this year has seen...

Late last month we argued that risk assets were ripe for a correction, that the breadth of the rally was fading, and that bellwether...

Since rates bottomed in mid-2016, the Dollar has been pro-cyclical. This was especially true during H2 2016, and during most of 2018....

Since US long term yields started to correct down last October, the US Dollar has stalled. US long term yields are more volatile than.......

During March, an ultra-Dovish FED sent yields spiraling lower, and while equities distributed at high levels, Treasuries were indeed the...

While Defensive Assets such as Gold and Treasuries are breaking out to the upside, since Christmas Eve, Equities have also been...

With the recent market correction, BlackRock, the world’s largest ETF provider and a bellwether for passive investment has broken through...

Last month we suggested that by late September, risk assets should move lower into November. We believe this is still the case, and that...

We note that currently one graph stands out as a very precise indicator of risk-on and risk-off dynamics. Indeed, after having been bid...

In our early June contribution, we warned of turning to negative too quickly. At the time, we expected a rally between mid June and late...

The environment has been challenging for equity markets since the beginning of the year. Very few indeed have for now fully recovered...

While Yields and Commodities are accelerating up, Equities are struggling. Such cross asset developments, especially following the recent...

One thing we can say about the early February financial assets sell-off is that it was difficult to find any place to hide. Equities...

Equity markets have just started Q2 with a new sell-off, on the back of new tariffs being slapped up on a number of US Food and Commodity...

Last month, we outlined that the U.S. Dollar was getting ready to bounce, probably from mid/late January. Although, the sell-off has...

In whishing you our best wishes for 2018, we will start our contributions this year with the US Dollar and its influence on the...

Gold has taken a bit of a dive over the last few weeks and more generally since September. In our view, it is suffering from the bounce...

From its lows early September, the Dollar/Yen has followed risk assets and interest rates up in their recent rebounds. This positive...

Following their retracement down from the Spring, China and Industrial metals have been moving up since May. They have led Oil, which has...

The current August market correction is probably coming to an end over the next week or so. We see it as a potential by the dips...

We expect some consolidation into August for Equities. Indeed, Risk/Reward seems momentarily stretched on the S&P500 Index, while the...

Since reflation trades topped out between December and February, Cyclical sectors and Financials have underperformed. During this...