Asset markets remain pretty much where they were with this low volatility creep up, fixed income aside. The European market rally appears to have stalled on the Euro, for now, holding her ground vs the US$ though the fez (dollar adjusted eurostoxx50) remains constructive with momentum scored on the new highs across timescales. Tactically we have strong US sentiment once again and at contrarian levels without price momentum on US stocks, no breadth confirmation of the new highs and the US$ putting some good basing patterns across most major pairs. Tactically a sell on US equities via my methods though due to long signals across non US$ assets not a major mkt top as yet.
I’ll leave the detail to the swiss team here below as we are waiting new clear price signals.
And here Fitzpatrick
For my book i remain long european and asian equities but short US equities, roughly at the money on the shorts with an edge to being slightly underwater at present. Im long usd vs euro and short gbps vs usds and euro.
A quick macro comment, that whether it be US$ money supply or UK wage growth the date is slipping rather than expanding. It appears as though policy makers are behind the curve on their tightening to me.
And more reports to following this evening..
Rich