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The world economy is weakening: the US payroll tax increase and “sequestration” are pressuring the US economy; China is being pressured by Japan, and has “dampened” their housing market. the Eurozone remains mired in “inaction.” For now, although we feel that risk is being mispriced at current levels given recent pressure upon world economic figures and the developing pressure upon corporate margins/ earnings — the consensus is that the world’s central banks will save the day.
STRATEGY: The S&P 500 remains above the 160-wma long-term support level at 1341; and the standard 200-dma support level at 1521. But perhaps more importantly, the distance above the 160-wma has has now faltered below the +23% “bubble-like rally” threshold. This is a warning sign to be sure; especially given 1600 was violated to the downside.
This week will be noticeably slower, given that there are hardly any data points until Wednesday, the 20-year Treasury auction doesn’t happen until Wednesday, the Fed minutes...
Stocks remain on the front foot despite wavering rate cut betsOptimism prevails even as gold rallies on Middle East uncertaintiesSubdued dollar eyes Fed speakers, rising Japanese...
Last week’s strong rally in commodities expanded the performance lead for the asset class over the rest of global markets, based on a set of ETFs through Friday’s close...
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