Weekly Macro Themes Report (preview) - EM, Tech, Gold, Agri, and monthly TAA review
Key highlights from the latest report...
Here's the topics & takeaways from my latest Weekly Macro Themes report:
1. Emerging Markets: remain bullish EM equities given improved technicals, reasonable valuations, favorable macro/fundamentals, and very light positioning despite positive sentiment.
2. US Tech Stocks: remain wary on tech stocks given elevated valuations and stretched positioning, but lift risk-watch given strong macro/fundamental momentum and bullish technicals.
3. Gold: gold faces significant downside risk given major deterioration in technicals from a starting point of extreme overvaluation and consensus bullishness (and fading of past tailwinds).
4. Agri Commodities: remain vigilant to upside risk in agri commodities given improving technicals, supportive sentiment, fundamental upsides (valuations, capex, weather, geopolitics).
5. Monthly TAA Review: overall continue to favor growth assets (commodities and emerging markets in particular), funding by underweight to cash and gold (whereas bonds look slightly positive medium-term).
>>> NEW: I’ve just added a new page which covers the Track Record of specific ideas/views from the Weekly Macro Themes report — [Click to View]
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Best wishes,
Callum Thomas
Founder & Head of Research at Topdown Charts
LinkedIn: https://www.linkedin.com/in/callum-thomas-4990063/
Twitter/X: https://twitter.com/Callum_Thomas
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See last week’s report preview for a sense of what other topics have been covered…
See also by Topdown Charts…
Check out the latest Weekly S&P500 ChartStorm for a chart-driven update on the market outlook:
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