Expiration week and results of Goldman Sachs (let us all act surprised) were delivering an explosive positive Monday after another down week. Europe is still enjoying some upward momentum this morning. We’ll have to wait how far this will reach.
For the moment this doesn’t alter our views:
°the stabilizing economic figures are nothing else than the reaction on the abrupt production stop some months ago. These inventories are worked off now resulting in a modest reprise of production. But nothing more so far…
° the correction we’re observing in stocks, can last a little longer and is not over (yet), but will give way eventually to another rally. As far as we can time these things, we think we will enjoy this rally in August.
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