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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