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It is almost impossible to even articulate a credible bear case without being laughed at. Nevertheless, here are a couple of charts that would indicate that the bull at least will encounter some resistance over the next few weeks. And yes, this is probably the weakest "sell" call you have ever read...
While the European equity trade has cooled since its Q1 rally, signs of life remain. From oversold technicals to strong relative earnings and a rebound in German manufacturing, the continent still has fuel in the tank—especially as inflation data softens and valuations in a longer-term perspective are far from extreme.
Here is a sweeping visual overview of the oil market—from supply-demand fundamentals to CTA flows, the view from the volatility markets, and geopolitical risks. These 20 charts offer a macro-to-micro snapshot to kick off the week in energy.
While the Middle East situation and the oil complex takes up the absolute majority of attention right now, one much bigger sector is quietly marching on higher and higher. The AI basket has had its RSI (14 day) sitting >70 for the last several weeks. And zooming out on broader NASDAQ seasonality, the big bull usually starts in July.
Just a reminder that sentiment and positioning metrics were already pretty depressed going into this weekend. From hedge funds to quants, longs are light which should leave less room for an unwind panic. Here are a couple of our favorite charts.