A much wider report from the Swiss team this week. They cover more instruments inc gold, the US$ and equities. They are still looking for another leg down, at least in equities but likely all risk asset classes. They remain bullish thereafter especially on commodities.

Here the report: Weekly26-06

They could well be right but in my mind policy action will likely define the near term bottom rather than any technical view. Getting ahead of price and buying risk assets on the Swiss team’s spx target being reached is a dangerous game to play with leverage and in the absense of a significant policy response. Caution the watch word. Lets see where this coming down leg takes us and then consider options would be my call.

All the best

Rich

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