In today’s briefing:
- Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel
Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel
- We believe there is significant evidence that global equities (MSCI ACWI) have bottomed, and a year-end rally has begun. Buys highlighted in global Technology, Discretionary, Real Estate, and Steel/Mining.
- We discussed in our prior Int’l Compass (11/2/23) how the false breakdown in MSCI ACWI (local currency) was bullish, and a potent rally has ensued. We expect more upside ahead.
- Now getting bullish 3+ month downtrend reversals and false breakdowns in the EURO STOXX 50, ACWI-US, MSCI ACWI ex-US (ACWX-US), MSCI EM (EEM-US), and EAFE (EFA-US). Major risk-on signals everywhere.
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