This is the video recording of the June 2020 Conference Call.
Last Week In Review (06-12-2020)
From the desk of Steve Strazza @Sstrazza
For the week ended Friday, June 12, 2020:
Every week we publish performance tables for a variety of different asset classes and categories along with commentary on each.
Last week was a big one for the bears as most risk-assets sold off aggressively to end the week after a strong start.
Many major Indexes in both International and Domestic Equity Markets printed bearish island reversal patterns, most of which occurred at logical levels of overhead supply. Read our post about it here.
We also just wrote about how the market’s secular leaders are holding up best since market internals peaked about two weeks ago. We’re going to use our US Index and Sector tables below to highlight the noteworthy relative strength from these areas amid the recent market weakness.
US Stocks Fail Retest This Week
Exploring The Globe’s Many Islands
From the desk of Tom Bruni @BruniCharting
Two weeks ago I wrote about the downside resolutions in Treasuries and Yen and the questions we would be asking in the days following. Given their rallies in the last week, we continue to ask those questions and observe what messages these “safe haven” assets are sending about the market.
This week’s talk of the town is the “Island Reversal”, and rightfully so, as some of the world’s strongest indexes are sporting this pattern.
Let’s take a look and get into what it could mean for the days/weeks ahead.
Investors Seek Shelter In Secular Leaders
From the desk of Steve Strazza @Sstrazza
It’s been a close your eyes and buy anything market, particularly the past few weeks as even the most hard-hit areas experienced monster rallies. That appears to be changing this week with the biggest 1-day down move in the S&P since mid-March as well as the largest single-day spike in volatility since February 2018.
Last week we highlighted the healthy rotation into cyclicals. We pointed out that the secular laggards and areas that had suffered serious structural damage were now outperforming, and by quite a wide margin.
We used this scatter plot of our Dow Jones Industry universe to illustrate this price action.
Time To Buy Bitcoin?
Premium [Trade Of The Week]
From the desk of Steve Strazza @Sstrazza
We’ve written extensively about the split market we’ve been in for the better part of the year, as the same leaders coming into the Q1 crash emerged as the strongest areas coming out of it. Over the past 3-4 weeks we’ve seen some major mean reversion and much-needed participation from the cyclical sectors which have been lagging for years now.
This is constructive rotation and a major positive for bulls as we’re going to need to see this type of breadth expansion if this rally is to have legs.
While this is an encouraging development, there’s one thing that hasn’t changed at all. With all the focus on Financials, Industrials and Energy recently, Tech seems to have been forgotten a bit, but it’s still by far the best game in town.
[Premium] Details For June 2020 Conference Call
These are the registration details for the monthly conference call for Premium Members of All Star Charts.
This month’s Conference Call will be held on Monday June 15th at 7PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with every other live call since 2015.
Here are the details for Monday: [Read more…]
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