As a general comment, the main US equity market indexes appear to be in a giant distribution since May. Higher highs have been achieved but at the cost of weaker and weaker technicals. Its not a hugely positive market in spite of higher prices being achieved. Europe has more momentum and price support for the moment. Asia has bounce potential and commodities remain weak given the demand picture across the world. The tepid recovery continues, for now. The government shut down and fiscal cliff issues are the new walls of worry. Technically we need a resent soon which fit nicely with the cyclical modelling work of the “swiss’ team. On specifics, fixed income has a bid again for now. High yield and US mortgage rates are back to ‘reasonable’ levels which softens the prior equity head winds. Market sentiment is bullish but off the chart. Price trends remain constructive as does market internal sector work. Overall its steady as she goes so long as the politicos don’t do anything dumb here.
To market reports. A few reports below for non members and members alike.
First up a very useful CS Commodity report (inc technicals) here:
Secondly here the pretty reliable Epstein gold report and technical levels.
Next up Commerz with their technical weekly on the commodities
Commerz-wklytech-commodities-01-10-13
Here the US Wealth branch, from the same house as our weekly Swiss team’s tech report, picking up on allocations and trades globally.
Here the WF Weekly Economic view
Here the monthly ScotiaB FX macro theme outlook ahead:
Here a focus on the UK by WF:
Here Schroders Quarterly with bias to the UK, note this para
“More than 50 new lenders have
entered the UK market this year”
And here on Japan:
Finally here a global macro report from JP
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All the best
Rich
(7 votes, average: 5.00 out of 5)
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