Tactical Outlook: Bullish China, Software & Bitcoin; Commodities Downgraded to Neutral
Weekly Macro Themes Report (preview) - China, Commodities, Software, Bitcoin
Here's the topics & takeaways from my latest Weekly Macro Themes report:
1. China: remain bullish Chinese stocks given cheap/reasonable valuations, improving technicals, nascent cyclical upturn, and tentative turning point in the property market downturn.
2. Commodities: switch back to neutral from previous bullish given technical risk flags, valuations becoming slightly expensive, and shifts in sentiment/flows/positioning.
3. Software: bullish software sector given big reset in absolute and relative valuations, excess pessimism, and very promising technicals (with clearly defined risk triggers).
4. Bitcoin: bullish bitcoin (vs US$) given compelling bullish technicals, reset in sentiment/positioning, bullish macro indicators, positive seasonality, and potential precious metal rotation.
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