“A moment of choice is a moment of truth. It’s the testing point of our character and competence.” – Stephen Covey
No change to what we discussed in our latest weekly outlook video. Over all we are still chopping around in recent ranges and we’ll have to see what we get with a lot more interesting data points, the Fed and NFP to close out the week. However, rest assured, trade wars remain the real canary in the goldmine, heads-up for anything hitting the headlines. We still think this is going to get worse before it has a chance of getting better.
Today’s focus will be on AAPL that is set to open at new ATHs close to the 200 mark. If you really stop and think about it, it’s pretty pathetic that what we’ve come to is the Bulls looking at one single company to save the current correction and take all equities back up to ATH. We continue to believe something structural changed after the Netflix release and our base-case is still that this broader correction still has room to run. More on this in today’s session…
Again, don’t forget to keep and eye on USDCNH/GOLD and the bonds.