Weekly Macro Themes - Remain bullish small caps
This week I covered the following topics/ideas:
1. Precious Metals: The gold bull market continues onwards and upwards, with silver also looking stronger, gold miners ticking along, and oil reaching an extreme low vs gold.
2. Defensive Value: Bullish on defensive stocks relative to $S&P 500(.SPX)$ as a bullish technical inflection point takes place against a backdrop of extreme cheap relative value, record low positioning/cap weight.
3. Small Caps: Remain bullish small caps $iShares Russell 2000 ETF(IWM)$ given cheap absolute and relative valuations, potential upside from rotation out of tech and prospective monetary/macro tailwinds.
4. Upside Downside: Reviewing the various upside vs downside risks helps build perspective and prioritize issues/trends to monitor. At present arguably there is a slight edge to upside vs downside risks.
5. Valuation Peaks & Troughs: Studying the typical path of the Stockmarket through valuation-extreme peaks and troughs helps in detecting + navigating different stages of the market cycle.
https://www.topdowncharts.pro/p/weekly-macro-themes-13-sep-2024
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