Nicholas Vardy
The Global Bull is Back in Brazil
Global markets continued to recover this past week, as the memories of the late October sell-off receded. Most of your positions in your Global Bull Market Alert portfolio closed Friday’s trading near record highs for the year. Occasional speed bumps notwithstanding, Q4 is unfolding pretty much the way I’ve expected it to so far.
The Global Bull Dips Its Feet Back into the Market
Global markets settled considerably over the past week, as the wild swings of late October were replaced by a steady upward pressure in the markets. All of your positions in your Global Bull Market Alert portfolio steadied and your holding in the iShares MSCI Chile Investable Market Index (ECH) even closed at a high for the year on Friday.
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Global stock markets have turned skittish even as news about the U.S. and global economy has been improving across the board. The recession in the United States is over; the S&P 500 is at its cheapest in terms of price earnings to growth (P.E.G) ratios since 1995; and 80% of S&P 500 companies have blown past Q3 earnings expectations.
The Global Bull Takes the Pain
Well, there is little way to sugarcoat it. Last week was the lousiest week for your Global Bull Market Alert portfolio since the short-lived correction back in July.
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Global stock markets dropped in recent days as an unexpected fall in U.S. consumer confidence gave investors pause about the strength of the global turnaround. Major Asian markets fell by about 1.5% or more overnight, with European shares shedding about 1% in early trade.
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Although last week ended with triple-digit falls in the Dow, both developed and emerging markets ended the week mostly flat. Hong Kong was the strongest market, rising 3%; India, the weakest, losing 3%.