#56 Global equities—time to open our minds. Trading has become a global game.

The sheer number of ETFs today makes al equities accessible to everyone

Global equities and short-term sovereign bond yields—

in this case, through international exposure via ISHG.

International short-term sovereign bonds have returned 10.28% year-to-date. 

Short-term international corporate bonds: SPDR Bloomberg corporate bonds (IBND) 

International corporate bonds have returned 12.51% year-to-date.

U.S. short-term corporate bonds remain in focus.

U.S. short-term treasury bonds

Treasury bonds have returned 0.68% year-to-date.

Global equities and U.S. medium-term bonds

U.S. Treasury bonds with 10–20 year duration have returned 2.19% year-to-date

U.S long term bonds

Gold remain key asset to watch

The thing with gold is its massive opportunity cost.

SPY

Negative return of 1.27% year-to-date. Accumulated volume shows no real sellers yet—but no buyers either. The price is struggling to move higher. A small round of profit-taking… if it doesn’t rise soon, it will eventually fall.

Nasdaq

Global equities: Big Cap Europe

This category is out of sync with a global slowdown, but the macro leg is still missing for us.

Global equities: Small cap Euro

Same case as above. Look at the accumulated volume—then look underneath. Same market “ecosystem”.No one’s exiting yet, no one’s entering either—just a small round of profit-taking to keep the exit narrow for everyone.

Global equities: China

China is showing solid gains, but here volume is starting to fade—along with price. This is distribution.

Recapping the last episode and previous ones. For new readers, all are available on the blog

Here’s the breakdown:

1. Capital rotating from the long end of the curve to the short end.
   This episode complements that view: International returns have far outpaced U.S. markets.

2. Gold vs. fiat currencies.
   Fiat currencies are losing value against gold, despite short-term yields between 4.25% and 4.50% available in money markets. This is a global issue, not exclusive to the U.S. economy—a strong intermarket signal.

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Stay in touch

Martin

Inter Market Flow