The slow grind consolidation phase has continued in time and levels a bit beyond my first estimation. At the same time China seems to be breaking out to the upside and outperforming, a much welcome development compared to basically the last two years. WHEN the market turns up again, with ok earnings as a catalyst, new highs will be in in less than half the time it took to consolidate down to these levels around 1430.
Relative strength and weakness studies show that it will continue to be a good investment strategy to be long SPX and short countries with strong currencies like SWEDEN. That can also be hedged by a long position in USDSEK.
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