Underweight Our intra-sector positioning shifts with the recent S&P tech hardware storage & peripherals downgrade to underweight1 and this Monday’s trimming of the S&P software index to neutral, reduce the S…
Neutral Market events last week compelled us to take profits of 51% in the S&P software index above and beyond the S&P 500’s return since the late-2017 inception and downgrade exposure to neutral. Last Monday…
Yesterday, BCA Research's US Equity Strategy service downgraded the S&P tech sector to underweight. Tech stocks are stretched, trading near two standard deviations above the historical time trend, a level that has marked three…
Highlights Portfolio Strategy It is still early to bottom fish, and trying to catch the proverbial falling knife does not interest us for cyclically oriented capital. Uncertainty surrounding the coronavirus epidemic and its effects on…
Highlights Analyses on Asian semis, Argentina and Russia are available on pages 7, 12 and 14, respectively. The most likely trajectory for Chinese growth will be as follows: the initial plunge in business activity will be…
Highlights Chinese stocks made a comeback as soon as the speed of COVID-19 transmitting outside of the epicenter somewhat moderated. Inside the epicenter, the pandemic has not shown clear signs of easing, and could significantly…
Underweight This week we downgraded exposure to below benchmark in the S&P tech hardware, storage & peripherals (THS&P) index. Undoubtedly, relative share prices are extremely extended. The second panel of the…
On Monday, BCA's US Equity Strategy service downgraded the S&P tech hardware, storage & peripherals index citing overbought technical conditions and weak operating metrics. Undoubtedly, relative share prices are…
Highlights Portfolio Strategy China’s monetary easing, the resilient US dollar, weak operating industry metrics and a looming margin squeeze all signal that an underweight stance is still warranted in the S&P chemicals index.…