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The Market Continues to Vote for Japan Over Europe


Despite Japanese stocks outperforming European stocks by 7% YTD and 14% over the last year, the investment community has continued to basically ignore Japan in the commentary we read. But, for those who have been overweight Japan it has been a good ride. The MSCI Japan is up over 9% YTD and 5% over the […]

Are Staples and Health Care Poised for More Outperformance?

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Today’s cyclical jolt aside, it appears from glancing at relative performance charts of growth counter-cyclicals (our code wording for the Consumer Staples and Health Care Sectors) that they could be poised for a relative performance breakout. Indeed, in all major regions of the world, growth counter-cyclicals are outperforming – or look poised for another leg […]

High Level Review of Global Momentum Trends


In our view one of the most blunt and useful indicators of momentum is measuring the percent of stocks in an index whose 50-day moving average is higher than the 200-day moving average. It sounds simple and it is, but the movement of indicator does a good job identifying the intermediate term trend of the […]

It’s Japan, not Europe, that Continues to Lead in 2015


Despite the popular news media focusing all their attention on European reflation, Draghi’s QE, Grexit or no Grexit, etc, the real story for investors remains in the seemingly forgotten Japan. Indeed, year to date Japan has outperformed Europe by more than 7% in USD terms and Portugal and Italy are the only two developed market […]