This is the video recording of our May 3, 2021 Monthly Charts Live Strategy Session
RPP Report: Review. Preview. Profit. (04-26-2021)
From the desk of Steve Strazza @sstrazza
At the beginning of each week, we publish performance tables for a variety of different asset classes and categories along with commentary on each.
Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.
The weight of the evidence still suggests it’s prudent to be a buyer, not a seller, of risk assets for more meaningful time horizons.
Shorter-term, the market looks increasingly messy. For the first time in over a year, defensive assets are beginning to stabilize at logical levels of support, while stocks and major risk groups achieve our upside targets. Even a handful of some key Intermarket ratios are potentially diverging from the broader averages.
The macro backdrop definitely leans that this is just a sideways consolidation in an ongoing uptrend.
Let’s not forget that the S&P 500 has just recorded its greatest 52-week gain since the late 1940s, so some digestion is perfectly healthy and deserved!
Clues From Credit Markets
From the desk of Steve Strazza @Sstrazza and Grant Hawkridge @GrantHawkridge
The credit market is overflowing with information.
We haven’t discussed it too much lately… but that doesn’t mean we aren’t paying close attention.
It would be foolish to overlook it. After all, they call Bond traders the “smart money” for a reason… Right?
We’ve recently discussed the theme and likely implications of how so many major stock market indexes – in both the US and abroad, are hitting very logical levels of overhead supply right now.
We think it’s no coincidence that all of this is occurring at the same time. And you’ll never guess what else…
We’re also seeing this very same behavior from some of the most important Bond Market ratios we track, as many are currently running into crucial inflection points.
[Premium] Monthly Conference Call Video Recording April 2021
This is the video recording of the April 2021 Conference Call.
RPP Report: Review. Preview. Profit. (04-19-2021)
From the desk of Steve Strazza @sstrazza
At the beginning of each week, we publish performance tables for a variety of different asset classes and categories along with commentary on each.
Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.
The same themes that we’ve been pounding the table on more or less continue to drive primary trends.
In recent weeks, we’ve seen some rotation back into Large and Mega-Caps, which has propelled the major indices to new highs, while SMIDs are still resiliently consolidating. While the list of negative data points has grown, it’s still not close to anything that warrants concern.
Developed Markets, particularly European equities, are resolving higher across the board — a move confirmed by strong breadth and bullish internals. In short, we continue to see strong equity market participation around the Globe.
We’re also seeing signs of another leg higher for the Commodity complex as more positive economic data pours in.
Ultimately, risk markets remain in a healthy state right now.
[Video] BNN Bloomberg: Stocks, Ethereum and Lumber
Last night I popped into BNN Bloomberg to talk about what’s going on in the market.
We’re seeing new highs across a lot of major indexes, but what’s happening underneath the surface?
We’ve been seeing the price of lumber soaring along with things like Steel and Rebar futures. It’s the whole demand/building/growth theme that continues to stand out.
One thing that’s definitely worth watching is the All Country World Index Ex-U.S., which is basically a snapshot of what the rest of the world looks like. And you’ll notice that the index ETF $ACWX is stuck right between its 2008 highs and 2018 highs.
This puts the global stock market in quite a predicament. If you’re bullish equities, you’re going to want to see a breakout through those historic 2008 highs. If you’re bearish equities, this is one you want to see break back below those 2018 highs.
Check out the video in full. This was fun:
[Podcast] A Canadian Perspective w/ CIBC Portfolio Manager David Cox
In a market environment where Financials and Natural Resources have become leadership groups, how do we not have a conversation about Canada? Taking that one step further, we need to talk about how any investor, whether living in Canada or not, can take advantage of a potential structural swing in the trend for Canadian Equities.
David Cox is someone who I’ve discussed markets with for many years. We usually hook up every Spring in New York City at the annual CMT Symposium. It’s only fair that I let the rest of the world eavesdrop on our chats. He’s a bright guy with good perspective on all things stocks, interest rates, forex markets and even Bitcoin.
David is a Portfolio Managers at CIBC and is a true trend follower. He tells it like it is. I really enjoy that about him. I was looking forward to having this conversation, and he exceeded all expectations. David really brings it in this episode!!
I hope you enjoy. And make sure to give him a follow on Twitter @DavidCoxWG
[Premium] Monthly Charts Strategy Session April 2021
This is the video recording of our April 1, 2021 Monthly Charts Live Strategy Session
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