Inside Markets — Consolidation
Narrow market breadth is a bearish internal signal that deserves attention if it lasts more than a few sessions.
Inside Markets — Fundamental Framework
Our bullish fundamental framework from May that includes resilient macro data, better earnings growth and thawing trade tensions remains intact.
Inside Markets — Performance Chase
There is never a shortage of identifiable risks for equity markets with the obvious near-term risk being a ‘nothing done’ on a US-China trade deal.
Inside Markets — Risk Factors
There’s never a shortage of risk factors and next week’s Trump-Xi meeting is the near-term wildcard where we see risk/reward skewed to the downside.
Inside Markets — More Challenging
Last week’s uptick in volatility and this week’s rotation out of momentum stocks have made the near-term equity backdrop more challenging.
Inside Markets — Valley of Disillusionment
The rotation out of the momentum factor and AI themes picked up yesterday on reports that ChatGPT’s VP for Science misrepresented the model’s capabilities in solving complex math problems.
Inside Markets — Rotation
Oracle’s pullback following last week’s analyst meeting could signal market doubt around AI capex ROI or the usual profit taking/de-risking that occurs before a known catalyst (Friday’s CPI report).
Inside Markets — Technical Update and Outlook
The SPX may be nearing the end of the consolidation phase we flagged on October 7.
Inside Markets — Dynamic Market Environment
Maybe it goes without saying that this is an extremely dynamic market environment with tail risk on both sides of the distribution.
Inside Markets — Near-Term Risk
Long equity positioning across discretionary investor groups is just slightly above neutral, while positioning in the systematic community (CTAs/vol-targeting) looks nearly full.