Neutral Downgrade Alert This Monday we published a summary of our portfolio allocation changes that we made over the past couple of months. They key underlying theme running through most of our recent moves was to reduce our…
Highlights Portfolio Strategy Despite the Fed’s supra natural powers, the deep rooted global growth slowdown will likely win the tug of war versus flush liquidity, especially if the trade war spat stays unresolved and the U.S.…
Last Thursday we were stopped out from our tactical S&P semi equipment underweight position as it hit our -7% stop loss (bottom panel). We are obeying the stop loss and are returning this index to a neutral weighting as…
Underweight A tactical trading opportunity has re-emerged in semi equipment stocks. This week we recommended trimming the S&P semi equipment index to underweight on a three-to-six month time horizon, but with a tight stop…
A tactical trading opportunity has re-emerged, and today our U.S. Equity Strategy team recommends trimming the S&P semi equipment index to underweight on a three-to-six month time horizon, but with a tight stop at the -7%…
Highlights Portfolio Strategy Rising lumber prices, melting interest rates and profit-augmenting industry productivity gains all signal that it no longer pays to be bearish the S&P home improvement retail (HIR) index. Poor…
Overweight, High-Conviction On June 10th we tightened our stops on the overweight call in the S&P software index, as a risk management measure in the context of our cautious broad equity market stance. Our bullish…
Global smartphone sales, which drive 29% of global semiconductor revenues, are currently contracting. According to the International Data Corporation (IDC), in Q1/2019 global smartphone shipments declined 6.6% year-on-year (…
The odds of a cyclical upturn in global semiconductors over the next three-to-six months are low as global demand remains feeble and is contracting 15%/annum (top panel). Drilling deeper into global demand reveals that the…