Enigma Investment Radar – Page 2 – Ekins Guinness

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Enigma Investment Radar – Page 2 – Ekins Guinness

The Fed needs to tighten by more than they anticipated and are reducing their asset purchase program. This poses a risk to Equity markets

Commodities: Closing short positions in Cotton and Wheat. Cotton has become oversold and Wheat has returned to longer term trends after an overbought signal

Regional Equities: Still overweight Europe. Relative Bullish trend remains intact after recent setback. Overweight Canada which has good relative value versus World Equities

Equity Valuations look stretched – our model has reduced overall allocation

Still overweight Technology. The Sector has strong momentum and still remains relatively cheap due to robust earnings

Equity valuations remain very stretched. Downside risks are becoming a major concern

Commodities: We have closed our short Zinc position. Zinc became overbought in mid October, but has now pulled back sharply.

Equities on Cusp of Danger

FX: Long USD against other majors – USD is expensive but remains in a strong bull market

Consumer Staples is the Sector to watch – very attractive valuation, several years of underperformance and now starting to outperform

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