In a market laced with uncertainty and doubt, investors have more than turkey to chew on during the traditional festive period, and the mulled wine offers a welcome tonic after a year of anaemic growth and dashed expectations.
Yet despite fretful fears on the vista for global growth, a US rate hike and prickly geopolitics, the S&P 500 loiters around record highs. The technicals, however, look very strained. The breadth is poor since the majority of stocks are not participating in the up-trend. Those companies viewed as offering dependable growth have been bid up, and those that do not, have been shunned. In terms of sectors, energy and metals and all those dependent on their fickle fortunes have been roasted. A bulled-up dollar has further crimped the profits of domestic exporters. Is it time to take pro...
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