SUSI WEEKLY UPDATE

SUSI is full of surprises.....

• So let's observe that SUSI is across the board bearish on commodities
• In the fixed income space she sees the recent sell off as exhausted and expects rates to come in
• FX on the other side is full of contradictions. You have the bearish exhaustion on the EURYEN (Proxy for reflation, and raising asset prices) vs. a more bullish call on Dollar weakness. I presume we have to wait for Mr. Market....
• The growth Geographies also seem vulnerable next to Europe and Japan
• The Nasdaq also is in a limbo with his relative strength on the one side and his complete exhaustion on the other.
• The precious metals seem to follow SUSI's Dollar call.....
• Last but not least (did you see FEDEX outlook this week...?) SUSI expects a bearish set up in the different sectors.

With lagging Commodities, Sectors & Oversees it is next to impossible to paint a bullish picture here. We could interpret this as a transitional picture that clearly needs more consisitency across the board and also more confirmations from the GOLDEN5.