This is the video recording of the March 2021 Conference Call.
The REAL Deal Regarding FX Exposure In International ETFs
From the desk of Steve Strazza @Sstrazza and Ian Culley @Ianculley
One lesson you learn pretty quickly as a market analyst is that not all assets are created equal.
Each and every financial instrument carries its own unique bundle of nuances… from a stocks’ beta or systematic volatility as well as its residual risk, to the fee structure and rebalancing methodology of an exchange-traded fund or note, to the settlement and delivery procedures governing futures contracts.
All of these things impact the behavior and performance of these various markets.
Today, we’re going to focus specifically on the inner workings of International Country ETFs and the way they are impacted by the currency component inherent in these vehicles.
Let’s dive right into it, starting with last week’s Mystery Chart reveal.
Canadian Investors’ Dream Environment
Value stocks, Financials, Energy, Industrials and Materials.
If that doesn’t scream Canada, then I don’t know what does!
Here’s what the breakdown looks like: [Read more…]
Scanning For Strength In Selloffs
From the desk of Steve Strazza @sstrazza
As most of you know, we’re big on our scans here at All Star Charts. And believe it or not, selloffs are actually some of the best times to scan for strength.
While our parameters will vary based on the market backdrop, there are two main things we almost always focus on when scanning for strong stocks in any environment.
First and foremost, we’re always looking for leadership. As many of you know, I’m a big advocate of fishing in the right places. Whether it’s secret spots on the gulf stream or areas of markets showing strength, it’s the same strategy… We want to position ourselves for the best catch.
We also want to limit our risk in case we’re wrong. For us, this is as simple as betting only on those setups with clearly defined risk/rewards that are skewed heavily in our favor.
In other words, if we’re right, we book hefty profits. On the other hand, if we’re wrong, we’ll know quickly and be out with minimal damage, and onto the next opportunity.
In this post, I use the recent selloff in Technology as a case study to give you an inside look at my process of scanning for leaders.
The Minor Leaguers (03-13-2021)
From the desk of Steve Strazza @Sstrazza
In our continued effort to identify individual equities that fit within our larger Macro thesis, we recently rolled out our latest bottoms-up scan: “The Minor Leaguers.”
We write a post every other week where we outline some of our favorite setups from this universe of stocks.
We’ve already had some great trades come out of this column and couldn’t be happier about the early feedback.
Moving forward, we’ll be rotating this column with “Under The Hood” each week.
In order to make it onto our Minor League list, you must have a market cap between $1 and $2B. There are also price and liquidity filters.
Then, we simply sort the stocks by their percentage from new highs. Easy done.
The idea is to catch the strongest names while they’re still small and have serious upside potential. If any of these stocks ever climb up the ranks to the big-leagues, just imagine the returns. We’re looking at 5-10x moves just to break into large-cap status!
And what better time than now to launch a small-cap focused column? We’ve seen very strong evidence of a structural rotation down the market cap scale, suggesting a new period of outperformance from small-caps in the coming months and quarters.
This column is a great way to take advantage of that trend.
Let’s dive in and check out this week’s list of the hottest stocks in the Minor Leagues.
New Highs Surge In Small-Caps
From the desk of Steve Strazza @Sstrazza
Small-Caps have been outperforming the large-cap indexes by a mile so far this year.
Since January 1st, the S&P Small-Cap 600 is up roughly 25%, compared with just a 5% gain for the S&P 500, and 0% for the Nasdaq 100.
This leadership is showing no signs of slowing, as they once again led the market back to fresh all-time highs this week after a brief and shallow reset.
Not only has the momentum behind this move been astounding, but the S&P Small-Cap 600 just experienced another significant breadth thrust, this time in its percentage of new 52-week highs.
Let’s take a quick look at these developments and what they mean for the group going forward.
The Evolution Of Emerging Markets
From the desk of Steve Strazza @sstrazza and Louis Sykes @haumicharts
Markets never operate in a static manner. Instead, markets are dynamic and remain in a natural and constant state of flux.
In knowing this, we must always remain flexible and aware of the changing conditions and developments taking place around us. We pride ourselves on our ability to evolve and adapt to these changes in market structure and are never dogmatic in our approach.
For the last decade, US large-cap growth has been where the alpha is, and derivatives of this theme like large over small, stocks over commodities, and US over international have been very powerful relative trends. We know this well because we’ve been leaning on them for a long time…
But that’s all changed recently, as we’ve been vocal about the importance of repositioning and decreasing exposure to growth in favor of more cyclical, value-oriented stocks.
If history is any guide, Emerging Markets should be a major beneficiary of this new environment as outperformance from cyclical areas has always acted as a tailwind for this group in the past. Though over the last few weeks, we haven’t seen this at all.
Instead, as money has rotated out of growth, and value has remained resilient, Emerging Markets have come under increasing pressure. So, what gives?
The Bajaj Group Solar System
The universe comprises several solar systems- big and small. Similarly, the market comprises several conglomerates- big and small. We’re back with another such conglomerate that we’d like to look at today- Bajaj Group.
One of the oldest and most reputable conglomerates of India, the Bajaj Group has been instrumental in generating great returns for investors across the board over the years.
Let’s take a look at what the charts have to say.
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