FINANCIAL ICEBERG
Always consider hidden risks



Jean-Pierre Desloges CFA  is a professional  investment consultant/ blogger/ trader with over 25 years of experience working on the buy and sell-side.

​​I have researched and invested in traditional and alternative asset classes and worked at Pensions Funds, International Banks and Dealers.   
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Market Insight​

August 20

US Technical Charts Potpourri
Uncertainties surrounding the US stock market is increasing technically speaking: Big capitalization outperforming, High beta stocks under performing and we had an Hinderburg Omen on August 17.

Canadian Technical Charts Potpourri
​The XIU ETF continue to underperform tremendously the SP500 Index (SPY ETF) as the Bank of Canada surprise us with a restrictive bias 11 weeks ago (mainly the interest sensitive sectors) and NAFTA renegociation started.


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​​August 13

Some Cracks Appearing in US Stock Market Indices
​Quite interesting to note that major technical divergences for those three ETFs did not confirm the last new highs in the Indices.

US Technical Charts Potpourri
​The SP500 Index made a Daily Shooting Star on August 8 (not shown here); it was an early ​signal of of a potential correction in the stock market.
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Canadian Technical Charts Potpourri
​The XIU ETF continue to underperform tremendously the SP500 Index (SPY ETF) as the Bank of Canada surprise us with a restrictive bias 10 weeks ago (mainly the interest sensitive sectors)

August 6

SP500 Index (SPY ETF): Zoom In Zoom Out
​As the most hated bull market in history continue its long stretch, it remains a very atypical market as momentum seems more important that value investing. As geo-political risks is on the rise, market behavior is still on the complacency side...​​​​As the retail investor are chasing aggressively that rally into more Big Cap technology stocks, the market becomes more vulnerable when/IF we will have a correction

US Technical Charts Potpourri
​Still Major Sectors rotation keeping near the highs on the SP500 Index (SPY ETF). Within bear seasonalities time frame.

Canadian Technical Charts Potpourri
​Canadian Stocks (XIU ETF) consolidation continue on higher rates fear.​Stronger Canadian Economic data lately relative to the US will continue push the BOC to act on rates going forward.

​​​​​August 1

Monthly Technical Charts Potpourri
Starting to see too much weakness in the US Dollar Index as seen lately could be the hidden risk here for the global markets

July 30

​​Nasdaq 100 Index ETF QQQ: When Tech Generals Becomes the Market
​W​​e must realize that the last up leg of the market is lead by technology stocks (Mainly the Generals high Capitalization stocks) and we must monitor the risks accordingly within our portfolios. QQQ ETF strong out performance make it Feel When the Tech Generals Becomes the Market.

US Technical Charts Potpourri
​Still Major Sectors rotation bringing new high ever on the SP500 Index (SPY ETF).

Canadian Technical Charts Potpourri
​The XIU ETF continue to underperform tremendously the SP500 Index (SPY ETF) as the Bank of Canada surprise us with a restrictive bias 8 weeks ago (mainly the interest sensitive sectors).

Typical August Pattern: Mid-Month Surge​​​​

July 23


SP500: A Nervous SKEW and a Complacent VIX?
​We keep getting into Steady and Puzzled Markets, a kind of uncharted territory...​​ As Trumpification of financial markets is in full fade mode with a weakest US Dollar Index since June 2016, the market start to feel uncomfortable with the pace of the rise in stocks prices.

US Technical Charts Potpourri
​Surprisingly weak Consumer Sectors associated with that brand new high ever on the SP500 Index (SPY ETF).

Canadian Technical Charts Potpourri
​The XIU ETF continue to underperform tremendously the SP500 Index (SPY ETF) as the Bank of Canada surprise us with a restrictive bias 7 weeks ago.

​​​​July 16

​​US Stocks: All in and All Skewed?
​In Summary, we have now Generals (top 10 big momentum stocks) that do lead the market tremendously

US Technical Charts Potpourri
​Sectors rotation from Technology stocks to Health Care, Industrials and Materials made a brand new high for the Mighty SP500 Index.

Canadian Technical Charts Potpourri
​The XIU ETF broke a Major Weekly Support as the Bank of Canada surprise us with a restrictive bias 5 weeks ago. Interest sensitive sectors (Utilities, REITs, Bonds...) still under tremendous pressure.

July 9

​SP500 stocks: The Equal Weight Experiment
As the Institutional Investors are chasing aggressively more liquid stocks, the market becomes more risky and is behaving like an end cycle bull market behavior

US Technical Charts Potpourri
​​As the Federal Reserve was the first Central Bank to act on rates, others (ECB, BOC) hawkishness bias lately did not help the financial markets in June 2017

Canadian Technical Charts Potpourri
​​The XIU ETF broke a Major Weekly Support as the Bank of Canada surprise us with a restrictive bias 4 weeks ago. Interest sensitive sectors (Utilities, REITs, Bonds...) under tremendous pressure

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July 2

Monthly Technical Charts Potpourri
​Starting to see too much weakness in the US Dollar Index as seen lately could be the hidden risk here for the global markets

US Technical Charts Potpourri
​As the Federal Reserve was the first Central Bank to act on rates, others (ECB, BOC) hawkishness bias lately did not help the financial markets in June 2017

Canadian Technical Charts Potpourri
​The XIU ETF broke a Major Weekly Support as the Bank of Canada surprise us with a restrictive bias 3 weeks ago. Interest sensitive sectors (Utilities, REITs, Bonds...) under tremendous pressure

​​​​June 26

US Technical Charts Potpourri
​The SP500 Index tiny consolidation past 2 weeks is in fact hiding a huge sector ​rotation that is under way; technology sector weakness being replace by a ​strong health care and industrial sectors.

Canadian Technical Charts Potpourri
​Tiny consolidation last week for the XIU ETF as Warren Buffet investment in Home Capital Group brang some relief in the financial sector.

​​​​​June 19

SP TSX60 Index (XIU ETF): Caught by Surprise?
​The market was totally Caught by Surprise from a speech of the Bank of Canada

US Technical Charts Potpourri
​Weekly gains from Health Care and Industrial Sectors was not ​​enough to reach a new closing high on SPY ETF as the correction in Technology stocks was quite acute (Weekly Bearish Engulfing Pattern 2 weeks ago)

Canadian Technical Charts Potpourri
​The XIU ETF broke a Major Weekly Support as the Bank of Canada surprise us with a restrictive bias last week

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