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Is the correction in equity markets over ? Have we completed the bear market ? is there more pain ahead ? These are the questions that investors are pounding after the highly volatile December / January period. 

Charts are useful to answer some of the question and a very clear disconnect is now appearing in equity markets while clear trends are appearing in Gold, the US Dollar and the British Pound. 

We remain prudent for the remaining of the first quarter.

Bonds remain uninspiring apart from a significant rally in Venezuela Bonds as investors are betting on the ousting of Nicola MADURO.

Chart of the Week


World Indexes

MXWO – MSCI World Equity Index. Lighten up

MXEF – MSCI Emerging Markets Index BUY

MXAP – MSCI Asia Pacific All Countries Index. BUY


USA – Dow jones Industrial Index SELL

USA – Standard & Poor’s 500 Index Lighten Up



Europe – Bloomberg European 500 Index. BUY

Europe – EUROSTOXX 50 Index BUY

Switzerland – SMI Index SELL

United Kingdom – FT 100 Index SELL

Germany – DAX Index HOLD

France – CAC 40 Index BUY

Italy – FTSE MIB Index BUY

Spain – IBEX 35 Index BUY

Portugal – PSI 20 Index Lighten Up

Greece – Athens Stock Exchange BUY

Russia – IMOEX Index BUY

Turkey – DJ Titans 20 Index BUY

Middle East

UAE – Abu Dhabi Stock Exchange Index BUY

UAE – Dubai DMFGI Index Accumulate

Saudi Arabia – Tadawul Index BUY


Australia – AS50 Index Lighten up

New Zealand – NZX Index BUY

China – FT 50 China Index BUY

China – CSI 300 Index BUY

China – Shanghai Composite Index BUY

China – HSCEI H-Shares Index BUY

Hong Kong – HSI Index HOLD

Taiwan – TWSE Index BUY

India – Sensex Index SELL

Japan – Nikkei 225 Index Lighten Up

Japan – TOPIX Index Lighten Up

Japan – JASDAQ Index Lighten Up

Indonesia – JCI Index Lighten Up

Malaysia – KLCI Index BUY

Thailand – SET Index BUY

Singapore – Straits Times Index BUY

Korea – KOSPI Index BUY

Philippines – PCOMP Index HOLD

Vietnam – VNI Index SELL


DXY – US Dollar Index SELL

EUR – Euro BUY

JPY – Japanese Yen SELL

CNY – Chinese Yuan STRONG BUY

GBP – British Pound STRONG BUY

AUD – Australian Dollar SELL

CAD – Canadian Dollar BUY

RUB – Russian Ruble BUY

TRY – Turkish Lira BUY


CL1 – Crude Oil BUY. Target 58

XAU – Gold BUY

XAG – Silver BUY

HG 1 – Copper BUY

XPD – Palladium SELL

XPT – Platinum BUY


KC1 – Coffee BUY

LB1 – Lumber BUY


USA – Yield Curve

Europe – Yield Curve

Japan – Yield Curve

China – Yield Curve