Recap from last week. We were bullish on Russia and bearish on India. For the week India, INP, fell by 5.9% and Russia, RSX gained 6.4%. Not bad for a week.
Last year our indicators were extremely bullish on all emerging markets and did not favor developed markets at all. This year our indicators are signaling to specific emerging markets and favoring some developed markets. Based on our indicators here are the markets we are long:
1. South_Africa
2. Mexico
3. Korea
4. Malaysia
5. Russia
6. Chile
7. USHY
8. Israel
9. Natural Resources
10. Thailand
11. Canada
12. US
13. Turkey
14. Indonesia
15. Japan
Are indicators are signaling to hedge completely or short:
India
US investment grade bonds
Indonesia
Turkey
India, Indonesia and Turkey are markets we like for the long-run, however, our model suggests that we hedge these positions for the short-term.
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