In today’s briefing:
- Longs on Next Low
- Global Pullback Continues; Focus on Defensives: Buys in Staples, Utilities, Precious Metals Miners
Longs on Next Low
- SPX and NKY top short picks near term but new low attempts will see the immediate down leg exhaust. Yield decline is exhausting.
- Increasing oversold readings set the stage for some key low on weakness. Euro bank range is 92 to 108.
- Taiwan remains our top long in Asia. Trading bounce lows in ASX, Korea and Europe look attractive/viable.
Global Pullback Continues; Focus on Defensives: Buys in Staples, Utilities, Precious Metals Miners
- On March 2 we discussed how the pullback in global equities was in full swing as Europe/UK indexes displayed 4.5-month uptrend breaks, joining the pullback in the MSCI ACWI.
- At the time, we expected this pullback in the MSCI ACWI (ACWI-US) to move down to $86-87 at minimum, and potentially $84 (December 2022 low) or $75-77 (the 2022 lows).
- ACWI-US broke below $86 and is approaching $84. $84 will be an important support level to monitor, but if it breaks, the $75-77 level is still firmly in the cards.
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