I think there is a big move brewing in the U.S. Treasury Bond Market. US Interest Rates have gotten crushed along with rates all over the world. It's not just a U.S. thing, but a global phenomenon. 

Today we're updating our outlook for global markets and providing ideas to profit in the second half of 2019.

Part 1 of this playbook will provide our perspective on all four asset classes and update our views on the major themes within India that we're paying attention to.

Part 2 of this playbook will consist of our top individual stock trade ideas.

This is one of my favorite things to do: Forget everything that happened in the first half of the year and start from scratch. It doesn't matter what we did or how we felt in early 2019. It's irrelevant. We're moving forward. This is my Q3 2019 Playbook.

There are a lot of interesting charts out there around the world. The current market environment has provided us with a ton of opportunities in multiple asset classes. We've talked about stocks, we discussed commodities, and today I want to focus on the Bond Market. Both Interest Rates and the most liquid exchange traded fund are at critical levels that we need to watch. 

From the desk of Tom Bruni @BruniCharting

At the beginning of May, we put out a note about the failed breakout in many of the major indexes and why a more cautious stance was warranted for US and global equities. The divergences we were seeing slowly add up had finally been confirmed by price and we raised cash and stepped aside.

Since then, patience has paid if you let it.

Lack of trend, not just in the US, but globally, has been THE theme.

A month later, let's look at what's changed since then and if our gameplan needs to be adjusted at all.

Paul Ciana and I go way back to 2006 when him and I were studying for the CMT exams together. Today, Paul is the Chief FICC Technical Strategist at Bank of America Merrill Lynch Global Research. In English, that means everything outside of equities. It's nice to see your friends succeed and watching him crush it is definitely one for the good guys.

Interest Rates in the United States hit new 52-week lows last month. But from the looks of it, the commodities market and stock market are not in agreement with that direction. It's when we see divergences among asset classes that it gets my attention.

Today we're looking at the divergences between stocks, bonds and commodities that I believe are pointing to higher rates this quarter. If we're going to take the weight-of-the-evidence approach, it's 2 to 1 in favor of rising interest rates. 

From the desk of Tom Bruni @BruniCharting

I received a ton of great responses via Twitter and email for this week's Mystery Chart, so thank you for that.

A lot of you were leaning towards the short side, with different approaches and stops. Some were neutral, but very few of you were leaning long.