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 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 it all makes perfect sense.
But we still find ourselves in a rising-rate market as the underlying uptrend remains intact – for now.