Weekly Macro Themes - Bullish global commodity equities
This week I covered the following topics/ideas: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ(.IXIC)$ $Invesco QQQ Trust-ETF(QQQ)$ $Nasdaq100 Bull 3X ETF(TQQQ)$ $Nasdaq100 Bear 3X ETF(SQQQ)$ $NASDAQ 100(NDX)$ $DJIA(.DJI)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$
1. Treasuries: It’s a case of higher for longer risk …for longer as elevated inflation, resilient nominal growth, and paused policy rates keep bonds locked in an inflation sentiment regime for now.
2. EM Sovereign: Remain bullish on valuations, peak rates, real yields, sentiment, but wary of turning technicals, inflation mixed signals, and potential complacency in credit spreads/CDS.
3. Commodities: Remain bullish commodities on technicals, macro, valuations, sentiment, supply, and thematics – all the factors seem to be coming into alignment here.
4. Commodity Equities: Bullish global commodity equities given cheap absolute and relative valuations, strong technicals, and overall bullish case for commodities (plus elements of risk hedge).
5. Agri Commodities: Stay alert to upside risk for agri commodities given bullish sentiment and technicals, and especially given the influence of agri/food prices on inflation.
https://www.topdowncharts.pro/p/weekly-macro-themes-preview-12-april
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