In today’s briefing:
- Jardine Matheson (JM SP): Squeezing More Life Out Of The NAV
- Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside
Jardine Matheson (JM SP): Squeezing More Life Out Of The NAV
- After publishing my insight (Jardine Matheson (JM SP): Trading “Cheap”) last week, my NAV calcs were called into question by some readers, when compared to street estimates.
- Which is cool. I’m big enough to admit mistakes, where needed. So I’ve done some digging, including a back and forth with Jardine Matheson Holdings (JM SP).
- The upshot? I have not lead you astray. You’ve been coming to the right place.
Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside
- The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)
- We also discussed last week (August 29) how we were expecting the S&P 500, Japan’s TOPIX, and Europe’s EURO STOXX 50 to “roll over near current or marginally higher levels.”
- Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.
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