Macro Morning (S&P500 flogging)

Friday 21 August 2015

Chris Becker is ill so this morning we have an able replacement in Chris Weston.

These are strange and mysterious times, and unless you are the staunchest contrarian, then these are times to be very cautious.

Whether you believe in technical analysis or not, global equity markets are trending lower. This suggests looking much more aggressively at shorting opportunities, or at least being neutral. One will be hard pushed to find a developed market above their 50-day moving average, and it seems that today’s US session marked the point where the S&P 500 joined in.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.