MARKET TIMING SINCE 1969

• Over the next week of so, the S&P500 and the Eurostoxx 50 Indexes could start to resume their uptrend, probably into mid/ late Summer and towards their February highs.

• In the initial stages of this new leg up, Cyclical assets, such as US Small Caps could outperform, probably into early/mid ...    Read full Analysis

Last month, we wrote that the worse may be behind us for equity markets. We did expect some downside retesting early April (which was rather tamed) and then a bounce towards 2870 into late April/early May, which has now been reached. What’s next?....

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Since the third week of March (early in the 4th week in the US), Equity markets and more generally risk assets have started to bounce. This rally (“Bear market rally”?) has been...

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Talk about a “Black Swan!”, the Coronavirus certainly qualifies. Risk assets have sold-off so quickly that the whole rally...

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The Coronavirus comes as a typical Black Swan in an environment where equity markets had been riding the liquidity wave and are now Overbought. Overall, we remain....

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Given the massive amount of liquidity currently being injected by the FED, the US Dollar has continued....

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

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

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September 1, 2019

Market tops are usually marked by Euphoria and “this time is different” type of assertations. To be fair, for now, this year has seen none of the above. Many equity markets did make new...

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Late last month we argued that risk assets were ripe for a correction, that the breadth of the rally was fading, and that bellwether indicators such as USD/JPY or the Copper to Gold ratio were starting to top out. We then expected some...

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