Underweight This week we downgraded exposure to below benchmark in the S&P tech hardware, storage & peripherals (THS&P) index. Undoubtedly, relative share prices are extremely extended. The second panel of the…
On Monday, BCA's US Equity Strategy service downgraded the S&P tech hardware, storage & peripherals index citing overbought technical conditions and weak operating metrics. Undoubtedly, relative share prices are…
Highlights Portfolio Strategy China’s monetary easing, the resilient US dollar, weak operating industry metrics and a looming margin squeeze all signal that an underweight stance is still warranted in the S&P chemicals index.…
Highlights Portfolio Strategy Despite the Fed’s supra natural powers, the deep rooted global growth slowdown will likely win the tug of war versus flush liquidity, especially if the trade war spat stays unresolved and the U.S.…
Neutral In the context of further de-risking the portfolio, we downgraded the S&P tech hardware storage & peripherals index (THS&P) to neutral in our most recent Weekly Report. Four reasons underpin our…
Highlights Portfolio Strategy The risk/reward tradeoff remains squarely to the downside and we are turning cyclically (3-12 month horizon) cautious on the prospects of the broad equity market. The Presidential cycle, UBER’s IPO…
Apple released its Q1 results last week. While not strong, they were better than the market had feared after the terrible Q4 print. Importantly, management commented that the rate of decline in China had eased…
Overweight The S&P tech hardware, storage & peripherals (THSP) index was cheering yesterday as index heavyweight Apple reported results that, while not strong, were better than the market had feared after the…
Overweight The S&P tech hardware, storage & peripherals (THSP) index has been outperforming in the past few sessions as sell side sentiment has reversed course, principally on the dominant constituent firm, Apple. Net…
The S&P tech hardware, storage & peripherals (THSP) index bounced yesterday on the back of index heavyweight Apple’s results. While the relatively weak results had long been telegraphed to the market and the…