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.

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.

From the desk of Tom Bruni @BruniCharting

Every time we see a few days of strength from Financials or Energy, people come out of the woodwork to call a bottom in the Value Factor.

After the last few weeks of action, we find ourselves back in this position.

So is this time different? Let's take a look.

Today we're exploring opportunities in two beaten-down sectors that look ripe for a squeeze.

From the desk of Tom Bruni @BruniCharting

We've been bearish the Micro/Small/Mid-Caps relative to Large and Mega-Caps from a structural perspective for most of the last year, however, last week's rally confirmed the conditions we look to indicate potential outperformance in the coming weeks and months.

The Nifty Metal Index has been dead money for a while, but we are finally starting to see signs of stabilization within the space.

While there aren't a lot of actionable trades right now, we think that rotation into this area is a positive for the broader market and will offer some great setups on the long side in the second half of this year.

From the desk of Tom Bruni @BruniCharting

We just sent out the Top 10 Charts of The Week Report that goes out to our Institutional Clients every Wednesday morning, and while I may be biased, I really enjoyed putting together week's edition.

We discussed a few market themes as we typically do and then identified several actionable trade ideas on both the weekly and daily timeframes.

With that said, I wanted to share one chart and its caption because I think they sum up the current market environment pretty well.

From the desk of Tom Bruni @BruniCharting

The good news is the S&P 500 and several other large-cap US indexes are back at all-time highs, however, the bad news is there remains a lack of confirmation from breadth and momentum readings around the world.

Needless to say, it was easier to be buying stocks last month than it is today, but let's avoid getting into the weeds and simply look at the number of markets around the world above their 2018 highs.

Below is a table of the global equity markets we track prices in their local currencies. While there are performance stats from several key inflection points like the January 2018 and September highs in the S&P 500, as well as its bottom on December 24th, we want to focus on the left-most "Change From 2018 Highs" column.

This compares the market prices now to where they were at their highest point in 2018, or in other words, it gives us an idea of what the trend is.

Currently, the median stock market in the world is 6.22% off its 2018 high.

Click on table to enlarge view.

A week ago we outlined two major breakouts in the largest components of the Nifty Infrastructure and Nifty Public Sector Bank Indexes, however, we also outlined the waning upside momentum that remains a problem.

For premium members, we performed a deep dive into the Infrastructure space to provide trade opportunities outside of Larsen & Toubro, so in this post I want to summarize what we saw when performing the same exercise for Nifty Public Sector Bank components.

From the desk of Tom Bruni @BruniCharting

I just finished this week's Top 10 Charts Report for Institutional Clients, but I wanted to carve out two Asian Equity Market charts for this post to highlight a tactical opportunity we're seeing in that part of the world.

So I did.

Let's take a look.

From the desk of Tom Bruni @BruniCharting

Today we're looking at two Commodity charts that offer both intermarket signals and potential trading opportunities.

Late last week we discussed the structural breakout in Larsen & Toubro, so today we want to look into the entire sector to see what other opportunities there are among its components.