There is a lot of analysis being spent on how the US (SPX) has decoupled from the rest of the world’s problems and this deviation is either based on better fundamentals or this is a phenomenon that will eventually give way to buckling developed market equities in Europe, Japan, Nasdaq etc.
Emerging Money Daily Audio Call June 23 – On the call we review the probabilities but more importantly look at markets that have stepped
So much for US recession, NFP in the US was well beyond consensus and puts into play where people were positioned even on rates after yesterday’s opening hours of pain but easing back by the end of the day.
Every credit guy I speak to seems to be getting long or is very long volatility. Equity guys seem to be long complacency. Bond markets always smarter. EM markets tend to be as well in a reactionary way. EM equities as measured by the EEM ETF are -7.8% in 26 days straight down from a […]
Rates: You better be following rates right now ( and most of the time!) to get your direction for equities. We have been in a hyper rate sensitive period with outsized moves coming effectively with no data or CB activity to support.
Looking at the chart below we find the price for the emerging market ETF – EEM on its own outright and on the spread against the SPY ETF. The later we often refer to as the “EM/DM Spread”.
I have often talked about how Emerging Markets correlate very highly with small cap stocks in the U.S. for a couple reasons:
As Emerging Markets push near one year highs, we wanted to refresh our core views on markets, outlook and risks.
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