Overweight While we are neutral the S&P tech sector, we continue to employ a defensive over aggressive tech strategy and prefer software and services to hardware and equipment. The S&P software index in particular has…
A profligate US government where $3 trillion + fiscal packages are passed with a strong bipartisan consensus compelled us to examine S&P sector performance during inflationary periods. Specifically, health care stocks have…
In a webcast this Friday I will be joined by our Chief US Equity Strategist, Anastasios Avgeriou to debate ‘Sectors To Own, And Sectors To Avoid In The Post-Covid World’. Today’s report preludes five of the points…
The SPX catapulted to fresh recovery highs, on the back of optimism surrounding the successful reopening of the economy along with the ongoing support of easy fiscal and monetary policies. Sentiment is not as extended as in February or…
Highlights Duration: Investors should keep portfolio duration close to benchmark, but continue to hold yield curve steepeners (on both the nominal and real yield curves) as well as overweight TIPS positions versus nominal Treasuries.…
Highlights If policymakers can neutralize default pressures arising from the lockdowns, the lasting impacts of this recession may not be so bad: As Jay Powell put it on 60 Minutes several weeks ago, policymakers just have to keep…
Our reinstated long S&P oil & gas exploration & production (E&P)/short global gold miners pair trade is up again near the 20% mark. This parabolic rise compels us to re-institute a 10% rolling stop in order to…
The recently instituted S&P biotech rolling stop got triggered yesterday and we crystalized gains of 5% since the February 2019 inception. This index is now downgraded to neutral, but it does not affect the overall S&P…
Highlights Social distancing must persist to prevent dangerous super-spreading of COVID-19. The jobs recovery will be much weaker than the output recovery, because the sectors most hurt by social distancing have a very high labour…
A profligate US government where $3 trillion + fiscal packages are passed with a strong bipartisan consensus, rising odds of increased defense and infrastructure spending, a renewed focus on protecting America’s…