As we approached the topic last week, we are waiting for a better price to add some size.
If we believe in an acceleration of the economic shift from West to East in the coming years, we are cautious with the timing. Because apart from the large idea, in the markets, the notable spread in performance these last few years is not due to an overperformance in growth phases, but rather because it is more resilient when there is a global drop.
Hence we remain under-invested at this moment, as a pull-back to the 15K area seems to be the most probable outcome considering the toppish context in the western markets.
In addition, the whole market seems to be happy with the valuation of the USD at this time, so there is no huge arbitrage to make, except eventually the Stocks/Commo ratio where at this precise time, it could be interesting to sell some long in S&P to buy some Gold.
If you have a real view and plan about Chinese markets and/or if it's a part of your global portfolio strategy, the 15-16k area is where we are looking at. You could be interested to look at it too ;)
Trade safe!
16.06.2021
16.06.2021
14.06.2021 screenshot reference
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