Weekly Macro Themes Report (preview) - Global Equities, Software stocks, Bitcoin, US Dollar
Key highlights from the latest report...
Here's the topics & takeaways from the latest Weekly Macro Themes report:
1. GSV vs ULG: relative value favors Global, Small, Value vs US, Large, Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress).
2. Global ex-US Equities: the global vs US rotation trade has stalled, but remain constructive on global vs US given extremes in relative value, improved earnings, anticipated USD weakness, and technicals.
3. Software: remain bullish on software stocks given bullish technicals and major reset in valuations.
4. Bitcoin: remain bullish given seasonal tailwinds, bullish technicals, supportive leading indicators, and all set against the backdrop of a big reset in price and positioning.
5. US Dollar: maintain bearish bias given overall bearish technicals, slight overvaluation, fading yield support, but still need to see a break-down (out of that range) to raise conviction.
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Callum Thomas
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Check out the latest Weekly S&P500 ChartStorm for a chart-driven update on the market outlook + some fresh perspectives on the US Stockmarket:
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