Friday, December 13, 2013

a Market- picker's market

A theme that we have commented on (see Here) over the past year has been a loosening of the tight correlation environment throughout the system. Markets that once galloped in unison have continued to walk with greater directional independence of their previous asset and intermarket relationships. From a long-term perspective this is a welcomed shift by market professionals and certainly considered more bullish than bearish.

Having said that, if you've listened or read the financial news over the past decade you've likely often heard the wincing market adage, "It's a stock-picker's market". And although we would tend to agree with them more often these days, from a macro perspective it's actually become a market-pickers market.

The bottom line is we still don't like Japan here, despite our more bullish leanings in other parts of the world. 


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