From the Desk of Ian Culley @Ianculley
The market environment has been shifting in favor of the bulls all summer.
Breadth thrusts are firing as participation beneath the surface expands. Risk assets – commodities and stocks alike – are reclaiming critical levels of former support. And our bull market rebirth checklist is triggering four out of five of its bull market criteria.
This is a huge departure from earlier in the year.
But one aspect of the environment remains the same – interest rates. Yes, rates have come off their June peak. And yes, US yields have paused at a logical level marked by a series of former highs. That’s all true and makes perfect sense.
But we still find ourselves in a rising rate market as the underlying uptrend remains intact – for now.