Bond Bears Beware
Global sovereign bonds caught a bid during the back half of May after a sentiment washout and classic contrarian bottoming signal. Hot...
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Callum Thomas
May 31, 20222 min read
Chart of the Week - Green Boom & Bust
Renewables vs Fossils: The relative performance of clean energy vs fossil fuel stocks has featured some wild boom/bust cycles over the...
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Mike Zaccardi, CFA, CMT
May 30, 20222 min read
Growth Scare Spooks Small Caps
US small-cap stocks surged as hopes of a cyclical boom permeated in late 2020 and early 2021 That optimism did not materialize quite as...
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Callum Thomas
May 27, 20222 min read
Weekly Macro Themes - 27 May 2022
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out...
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Mike Zaccardi, CFA, CMT
May 25, 20222 min read
US Dollar Pulls Back After a Monster 12 Months
US economic growth fears have cascaded to the dollar as the greenback has pulled back over the last two weeks Disappointing corporate...
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Callum Thomas
May 24, 20221 min read
Chart of the Week - Over/Under (reaction)
European Equities — Sentiment vs Stocks: After a very promising looking - almost textbook breakout last year, European equities have...
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Mike Zaccardi, CFA, CMT
May 23, 20222 min read
Eyeing Alpha in EM ex-Asia vs EM Asia
EM stocks have staged a relative rally vs US shares of late, but there is outperformance specifically among EM ex-Asia vs EM Asia Latin...
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Callum Thomas
May 21, 20222 min read
Weekly Macro Themes - 20 May 2022
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out...
309 views0 comments
Mike Zaccardi, CFA, CMT
May 18, 20222 min read
Buybacks Breakout: buyback boost back?
Relative strength has been seen in the S&P 500 Buy Back Index The index is heavy into financials and discretionary and comparatively...
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Callum Thomas
May 17, 20221 min read
Chart of the Week - Global Equity Market Regime Change
Bubble-Bursting Bear-Market: The major drivers of strength in global equities since the market bottom in 2009 (and ensuing decade-long...
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Mike Zaccardi, CFA, CMT
May 16, 20223 min read
Commodity Caution
After a historic two years, we're pivoting from bullish to bearish on commodities. Weakening technicals, crowded positioning, and the...
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Callum Thomas
May 14, 20222 min read
Weekly Macro Themes - 13 May 2022
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out...
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Mike Zaccardi, CFA, CMT
May 12, 20222 min read
Industrial Metals Under Attack, Agri Pulls Back
Hard and soft commodities have come under pressure amid a deteriorating global growth landscape (remember: no demand = no...
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Callum Thomas
May 10, 20221 min read
Chart of the Week - Banks Taking a Cautious Approach
Credit Spreads vs Lending Standards: The latest Fed loan officer survey (which asks banks whether they are making it easier/harder for...
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Mike Zaccardi, CFA, CMT
May 9, 20223 min read
Defensive Value: The Safety Trade of 2022
Healthcare, Staples, and Utilities continue to outperform as selling intensifies in the growth style Investor positioning is still light...
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Callum Thomas
May 6, 20222 min read
Weekly Macro Themes - 6 May 2022
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out...
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Mike Zaccardi, CFA, CMT
May 5, 20222 min read
US Dollar vs Commodities: Correlation Confusion
The US Dollar Index notched a very strong April amid turmoil in Europe and Asia Traditional asset class relationships have bucked trends...
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Callum Thomas
May 3, 20222 min read
Chart of the Week - Global Equities ex-Growth
Global Earnings Revisions — Market Going “ex-Growth“? This chart shows the breadth of earnings revisions momentum (ratio of upgrades to...
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Mike Zaccardi, CFA, CMT
May 2, 20223 min read
Stocks Suffer Severe Losses: Where Do We Go from Here?
April ended with a huge drubbing for risk assets A sharp rise in global interest rates hurt high-duration stocks the most, but sellers...
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Callum Thomas
Apr 30, 20222 min read
Weekly Macro Themes - 29 April 2022
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out...
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