Not so long ago, we added an 18% trailing stop to our Millennials Basket cyclical overweight that has a heavy tech exposure, and recent price action pushed this share price ratio close to our stop. We decided not to fight the…
Last September, we showed five reasons, from our pool of short-term indicators we track, not to chase equities higher and warned investors that a pullback was in the cards. Subsequently, the SPX fell 10% from peak-to-trough and suffered…
Tech titans (AAPL, MSFT, AMZN, GOOGL & FB) peaked last September at roughly 26% market cap weight in the SPX, and have since fallen 300bps despite four of the five stocks recently hitting new all-time highs (AAPL is the last man…
Highlights Portfolio Strategy Firming operating metrics, a capex upcycle, rock bottom valuations and deeply oversold conditions all suggest that it no longer pays to be bearish Big Pharma. Upgrade to neutral, today. A looming M&A…
Highlights Sweden’s economic recovery is robust and will deepen. Policy is accommodative. Very few advanced economies will benefit as much from the global economic rebound. The labor market will tighten, capacity utilization…
Since 2017, we have been updating our SPX dividend discount model (DDM) every April when the previous year’s annual S&P 500 dividend payment is finalized from the Standard & Poor’s. Table 1 below…
Highlights Rising CO2 emissions on the back of stronger global energy growth this year will keep energy markets focused on expanding ESG risks in the buildout of renewable generation via metals mining (Chart of the Week). …
In this Monday’s Special Report, we revisited our infrastructure basket in light of the coming Biden’s American Jobs and American Families fiscal plans. There is a high chance that US fiscal spending will be a…
Highlights Clients countered our opinion that China’s economy has reached its cyclical peak. However, we have already incorporated the supporting facts into our analysis so they will not alter our cyclical outlook for the economy…