Weekly Macro Themes - Remain bullish Chinese stocks

TopdownCharts
07-19

This week I covered the following topics:

1. Chinese Stocks: Remain bullish Chinese stocks given cheap valuations, improving technicals, excess pessimism, peaking policy uncertainty, and rotation prospects.

2. China Macro: Keep a close eye on the Chinese property market given expensive valuations for Chinese government bonds (and gold), and cheap valuations for commodities (and potential ripple effects).

3. Tech Check: Mindful of risks facing tech stocks as relative and absolute valuations reach new post-dot-com highs, crowding +market cap concentration reaches new records; leaving little margin for error.

4. Defensive Value: Remain bullish on defensives given increasingly compelling and extreme relative value, record low market cap weight/allocations, and alternative hedge/diversifier usefulness.

5. Renewable Energy: Global renewable energy stocks are breaking out (following a boom-bust cycle), and may have room to run given trends in investor behavior (positioning, ESG backlash run its course).

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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • Ahb
    ·07-19
    Great article, would you like to share it?
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