• Signals starting to show a short term bottom in stocks
  • But this is after a long term top, so still net short
  • 20Y bond may retest 4% (3.99%) yield due to slow down
  • Inflation adjusted oil is cheap, but would not be a buy into a slow down
  • Gold inflation adjust is at a high, there is no reason to believe it should out perform stocks on a historical basis.
surfmacro