Weekly Macro Themes - 28 February 2025
Key highlights from the latest report...
Here's the topics/ideas covered in the latest Weekly Macro Themes report [click for latest]. This report is aimed at professional investors, and covers a mix of macro/ideas/risks, across a global macro/multi-asset universe…
This week I covered the following topics/ideas:
1. Volatility Views: This alternative volatility indicator is flagging the prospect of a major turning point in the US dollar and commodities, and an overall shift to a more volatile macro/market regime.
2. Oil & Energy Stocks: Bullish crude oil on technicals and sentiment + supply and demand outlook. Also constructive on energy stocks given near-record low allocations, extreme cheap relative value.
3. Carbon & ESG: Potentially bullish setup as investors lose interest and ESG experiences waning enthusiasm, but awaiting confirmation on the technicals (and macro).
4. US Small Caps: Cautiously bullish; valuations remain cheap, sentiment and positioning have become contrarian bullish following the market correction, yet risks remain (on-watch).
5. LatAm Equities: Bullish LatAm equities given cheap valuations and low allocations set against improving technicals and forward earnings, and cheap FX (which is also gaining ground).
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Thanks and best regards,
Callum Thomas
Founder & Head of Research at Topdown Charts
LinkedIn: https://www.linkedin.com/in/callum-thomas-4990063/
Twitter: https://twitter.com/Callum_Thomas
Also, in case you missed it — the January Monthly Pack:
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