February 9, 2010 - We stated in January that our expectation for 2010 was for Q1 to be "more of the same" and then "things would get trickier". It appears we are here ahead of schedule and for reasons different than first anticipated. Despite the strong rally in financial markets from the March 2009 low, investors should not forget that we are still in the early innings of the deleveraging process and the "debt issue" remains, in our opinion. Debt has simply been transferred (and continues to transfer) from the private to public sector. Problems are showing up the peripheral Eurozone countries and need to be closey monitored by investors.
We think there are a couple of key indicators to watch that would suggest that the recent correction is morphing into something more sinister, which we discuss in this month's commentary.
CLICK HEREto review this month's full commentary and charts.
February 9, 2010 - We stated in January that our expectation for 2010 was for Q1 to be "more of the same" and then "things would get trickier". It appears we are here ahead of schedule and for reasons different than first anticipated...
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