Yes they are. It seems finally after few weeks the S&P closed above the key resistance of 1611. What it exactly mean, namely we have a big area on the upside to 1651, to the first serious resistance. The bears has been hibernated in the last few days. In the June monthly Bank of America Merrill Lynch “Sell Side Indicator” recommending that investors keep 49.8% of their portfolio in stocks. Historically means, if the Sell Side Indicator is below 50, as it is now, the U.S. market’s return was positive 100% of the time, with median 12-month gains of 30%.
I found an intersting chart, published by Deutche Bank:
Shows the YTD performances in major assets. On equities obvious the Nikkei, S&P and DAX good performance, suffering IBEX, Greece Index, Bovespa as emerging market shows massive weakness. In terms of commodities, the winner is the Crude Oil, the Brent has made worser performance, it is negative territory against the WTI, and as we saw in the last year the biggest loss was on gold and silver. Wheat and copper also suffered in the last year. So except the WTI the commodity market is dead. That is a sense, that the commodity boom which was in the media in the last decade it seems to me, is over.
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