Contrary to what many market pundits have been writing this bull market lives on and is moving higher, for now. There are all sorts of technical and fundamental issues with these new highs but we are paid on price and price is showing that another leg albeit on low momentum is in progress here.
I am on a boat in the med right now so wifi connection has been a problem the last 24hrs or so. Comments are therefore a little tricky right now but the summary from me would be equity markets are a hold as is the US$ for a continuation of the major trends. The macro issues occurring in Greece need to get resolved in the next week or so now. Policy makers will want to kick that can down the road but the road is getting ever shorter. Historically central bankers and policy makers have to mask currency events from the market for obvious capital related reasons. I would therefore treat any good news stories related to the Grexit issue with a good deal of skepticism for now.
Without more delay here the Swiss team’s latest:
Here Fitzpatrick’s comments from last friday:
And here ML:
I’ll update later today. Apologies again for the small delay due to nautical issues.
All the best
Rich