Space Stocks Test Critical Support as Macro Risks Build
Here’s the topics & takeaways from my latest report —it should give a good sense of what I tend to cover in the Topdown Pro service as well as providing some high-level insights into how I am currently seeing Macro & Markets:
1. Global Growth: the global growth reacceleration theme remains on-track, but there are increasing signs that the global economy may lose momentum into 2027.
2. Inflation Risk: despite an initial peak in some series, upside inflation risk remains a reality given elevated inflation expectations, tight capacity, improved growth, and geopolitics/oil price impacts.
3. GSV vs ULG: relative value extremes favor Global/Small/Value vs US/Large/Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress).
4. Seasonality: the July-October period (on average) has a historical tendency for risk assets to see seasonal setbacks and defensive assets a seasonal surge.
5. Space Stocks: [initial look; establishing coverage] the equal-weighted space stock index is testing a key technical support-level following a major (-55%) correction. $SpaceX(SPCX)$
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