One more quick commentary before this weekend's macro assessment.
Suffice to say that markets (from bonds to precious metals) are reflecting notable uncertainty... My reference yesterday to the economically-defensives (staples, healthcare, long-term treasuries) rallying against very negative action in virtually all other corners, has flipped on its head... I.e., yesterday's winners are -- along with virtually everything save for the energy-related space and, ironically, tech [flat after yesterday's drubbing] -- today's losers... Gold glimmered a bit at the open, but even it has rolled over (down 1%) as I type.
Of course, any or all of the above, given the present environment, may have reversed by the time you receive this.
So how to think about all this on an October Friday? As I chatted to our team this morning, I am macro-ambiguous in the very short-term... Meaning, there are sufficient macro and market cross-currents -- which I know I don't need to list for you right here -- to make the short-term trader (that's not us, btw) utterly dizzy, I'm certain.
But, like I said yesterday:
"...while we forever assess short-term dynamics (separating signal from noise) as we test our theses (and as we determine whether any tactical and/or additional hedging action makes sense), make no mistake, our strategy will always reflect our longer-term structural view on global macro realities."
Stay tuned….
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