SPX Trendline Breach and 2,950 Risk Pivot This Week
S&P 500 (SPX INDEX) broke trendline inflection support at 3,165 that triggered a bear break and signal to put on short protection.S&P 2,950...
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Labour Market Slack Remains but FOMC Will Need to Tighten by Mid-2021
We agree with the FOMC projection of a short and sharp recession, but not with its sanguine view about inflation; we expect the next rate hike...
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Equities Buoyed by PPP Loan Impacted Employment, but Cash Hoarding and Bank Stress Tests Loom Large
The better-than-expected US employment data for May was partly attributable to the roll-out of Payroll Protection Programme (PPP) loans. Borrowers...
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U.S. Equity Strategy: Value Overtaking Growth; Treasury Yields and Commodities Bottoming
New and ongoing developments continue to support our bullish outlook. In the “new” column, we have bullish inflections in Treasury yields, the...
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Uncertain Outlook Dupes US Equity Investors Into a Beauty Contest, Producing Higher Valuations
The Fed's aggressive response to the COVID-19 pandemic has shifted investors' attention to an impending economic recovery that has pushed US equity...
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