Midday Missive

Europe is putting in ORL days at the bottom of a move
with oversold conditions.

Do Not chase.

This resulted in weakness in the U.S. Indices.

Capital flows can change after London closes.

EEM is the bottom chart. Last year this week every manager in the world was touting Emerging Markets. Turn off the sound!!!

As you can see EEM was one of the worst places to be.

Yours truly said not to get involved in a year end piece.
Rather, I picked Petrobas as the surrogate play.

Petrobas started 2018 with a 50% rally.

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