• Comments for July 18, 2017

    Yesterday was a typical consolidation day, which is positive for an uptrend continuation.



    The energy sector weakened due to a pullback in oil prices.





    The interesting action occurred in currencies, with the US$ weakening against all major currencies.







    Note that the rate differentials between US and Japanese/European Treasuries are weakening. This puts the carry trade into question.





    Both Small Caps and the Mammoth sector were almost unchanged yesterday





    Conclusions:

    Nothing new to conclude from these figures. Rate differentials tell us that money should be moving out of US assets.