Underweight Last Monday we executed our S&P homebuilders downgrade alert and reduced allocation in this consumer discretionary sub-group to below benchmark. While the media has been cheering homebuilder-related data…
Dear Client, As is custom every year, next Monday November 30 instead of our regular Strategy Report you will receive BCA’s flagship publication “The Bank Credit Analyst” detailing the house views and themes for next…
Neutral – Downgrade Alert It no longer pays to chase the S&P homebuilding index higher; it is now on our downgrade alert watch-list. The recent pandemic-induced drubbing in interest rates boosted housing…
Dear client, Next Monday, October 19, we will be hosting our quarterly webcast, “From Alpha To Omega With Anastasios”, at 10am EST; Matt Gertken, BCA’s Geopolitical Strategist will be our guest on the eve of the US…
Last week we put a 5% rolling stop on the long S&P homebuilding/short S&P REITs pair trade in order to protect profits. Yesterday, our stop got triggered and we crystalized 10.3% gains since the May 26 initiation date…
Our intra-real estate pair trade long S&P homebuilders / short S&P REITs vaulted roughly to the 15% return mark intraday yesterday, compelling us to institute a 5% rolling stop in order to protect handsome profits since the late-…
In the most recent Weekly Report we initiated a new long S&P homebuilders/short S&P REITs pair trade. One of the key drivers for this pair trade is the ebb and flow of owning versus renting and the current message…
Frenetic trading continued unabated in the US equity markets with some bizarre moves now a daily phenomenon. One such occurrence is the positive correlation of the VIX with the SPX, which we had flagged as a negative omen in…
Underweight We downgraded homebuilders to underweight in late-October, and we are adding it to our high-conviction underweight call list. Most, if not all, positive profit drivers are already reflected in relative share…