From the desk of Steve Strazza @sstrazza and Louis Sykes @haumicharts
Welcome to our latest RPP Report, where we publish return tables for various 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.
We consider this our weekly state of the union address as we break down and reiterate both our tactical and structural outlook on various asset classes and discuss the most important themes and developments currently playing out in markets all around the world.
In our last report, we discussed all the whipsaws we had been witnessing in recent weeks and noted that the next major piece of information would be the velocity of the reactions these charts made in the opposite direction.
Fast forward to today and the bulls got all the follow-through they could want as many risk assets reclaimed all their damage and more. These were true failed breakdowns, and we’re still seeing those fast moves carry on higher today.
But today is a special occasion. We just got new monthly candles. So that’s going to be the focus in this week’s report.
Long story short, we have a lot of failed breakdowns bouncing aggressively off support in the weakest areas. More on that to come in a post soon. At the same time, we have a ton of new highs from the strongest areas.
Let’s talk about some of them now. [Read more…]