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Macro Economist
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I have nearly a 15 year career on the buy-side, with over a decade in New York, having served in various capacities at blue chip firms as Analyst, Portfolio Manager and Asset Allocation Strategist, at one time directly overseeing several billion dollars in hedge fund assets for institutional... More
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  • Market Thermometer Continues To Be Mixed 0 comments
    Nov 10, 2012 3:25 PM | about stocks: HYG

    Our Market Thermometer continues to be mixed. We continue to lean on the side of fundamental bearishness, but it's very difficult to point a finger at an overtly bearish indicator.

    Furthermore, it's possible the next couple of weeks will see a capitulation sell off and a Santa Rally going into year end whose strength will allow us to gauge whether the bear market has started.

    In this backdrop, we continue to like the Treasuries trade TLT as safe way of expressing our view of slow deterioration. If things get hairy enough, we make take a stab at fundamentally strong equity sectors such as Telecoms IYZ as well as a punt on High Yield HYG but only for a short-term trade. We may also try for some Gold GLD. For now, we'd avoid global growth sectors like Materials XLB, except maybe on the short side after a market rally.

    (click to enlarge)

    Disclosure: I am long TLT.

    Stocks: HYG
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