In today’s briefing:
- Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level
Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level
- Since late-February (2/25/25 Compass and 2/27/25 Int’l Compass) we expected an 8-10% pullback to provide a buying opportunity.
- But that all changed last week (4/1/25 Compass and 4/3/25 Int’l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.
- Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&P 500 and ACWI-US are below their 200-day MAs.
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