It was a very mixed month for world equity markets, with net monthly changes ranging from +8.1% (China), +7.9% (Japan), +4.6% (Germany), +2.2% (USA), +1.0% (India), +0.7% (Brazil), +0.6% (Australia), -1.0% (Russia), -2.9% (South Africa), to -19.5% (Argentina).
Lets take our regular look at ten of the world equity markets.
USA - Dow
Germany – DAX
Japan – Nikkei
Brazil – Bovespa
Russia - RTSI
India – SENSEX
China – Shanghai comp'
South Africa – Dow
Argentina - MERV
Australia – AORD
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Summary
Seven world equity markets were net higher for February, with three net lower.
China and Japan lead the way up, whilst Argentina saw a massive downside reversal.
The USA, Germany, Japan, Argentinian, and Australian markets broke new hist' highs.
Eight world equity markets have positive monthly momentum, and are trading above their respective monthly 10MA. The two exceptions were China and South Africa.
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Looking ahead
A somewhat busy week is ahead, with the market to focus on Powell, whom is due to address the US House & Senate on Wed' and Thurs' respectively.
Earnings:
M - SE, GTLB, PAY, SEMR, EOSE, AVAV, SAIC, EKSO, SFIX, NKTR, TDUP
T - NIO, TGT, CRWD, CHPT, ROST, NVEI, JWN, BOX, AEVA, BASE, BNGO, AQST
W - JD, ANF, FL, EVGO, TRIN, CPB, GEM, UNFI, THO, XERS, VSCO, TPVG, INO, RSI, HNST, SUPV, VET, INFN, OSPN, YEXT
T - KR, BIG, BURL, AEO, BJ, BILI, PSFE, CIEN, ABM, AVGO, COST, MRVL, MDB, DOCU, IOT, PBR, BBAI, GPS, RWAY
F - CRMT
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Econ-data/events:
M - -
T - Factory orders, ISM Serv'
W - ADP jobs, Powell - US House (10am), Wholesale invent', JOLTS, EIA Pet', Fed Beige boo
T - Weekly jobs, Powell - US Senate (10am), Productivity, Intl' trade, consumer credit (3pm)
F - Monthly jobs, consumer sent'.
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| Spring is coming |
Final note
The collective of world equity markets remain short/mid/long term bullish. The fact we saw a number of new historic highs is testament to that.
It will 'end badly' of course, but it'd seem we're at least some months away from even a provisional turn. Even if a turn does occur in April or May, monthly momentum (at least in the case of the US Dow'30) will remain positive until at least September.
There are a truck load of economic and geo-political wild cards, and it appears implausible not to see at least a few of them play out this year, certainly before the US election.
However, the notion of index shorts are arguably only marginally less stupid than the VIX long trade. Spring is coming, and for now... the mainstream narrative comfortably remains 'everything is fine'.
For more of the same... you know where to find me.
For details, and the latest offers: https://www.tradingsunset.com
Have a good weekend
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*the next post on this page will likely appear 4.20pm EST on Monday.
