Weekly Macro Themes Report (preview) - Japan, Small Caps, and the Trouble with Value vs Growth
Key highlights from the latest report...
Here's the topics & takeaways from the latest Weekly Macro Themes report:
1. Japan: remain bullish on Japanese stocks given attractive absolute and relative valuations, supportive macro/fundamentals, light positioning by global investors, and bullish technicals.
2. Small Caps: remain bullish on US small caps given cheap valuations (vs history, vs large caps, vs bonds), supportive macro/fundamentals, contrarian bullish sentiment/positioning, and notably bullish technicals.
3. Value vs Growth: reluctantly bullish on value vs growth given the extremes in valuations, wild sector skews and investor crowding into growth vs value, but mindful that the technicals are awful and the trend is not your friend as yet (for relative performance).
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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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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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