A nascent bull market?
Bull markets are often conceived in terrible economic circumstances and we may well be the early stages of this advance.
Are we four months into a nascent bull market for equities? Our evidence based credit, inflation and trend indicators have all improved in recent months and we have added to our equity exposures, although we remain underweight risk in the Harver Balanced strategy. Bull markets are often conceived in terrible economic circumstances and we may well be the early stages of this advance.
The summer will remain volatile, reflecting lower trading volumes and continued poor news-flow. We will therefore be patient building risk positions further.
Gold (15% exposure) and longer dated bonds are part of our Balanced strategy mix for risk diversification, as well as some US Inflation Protected securities.