Banks woke up last week, have my doubts on this continuing unless the BoT suddenly swamps them with unlimited capital + cheap financing that they can relend out and make a spread upon.

Industrials – effectively oil & petrochem’s still the place to be….until the saudi’s/russians/americans decide to increase supply…which probably will not happen until the end of the year.

Amusing times in the market, first it was called a bear market rally, then a FOMO rally, what’s the next narrative? A recovery play? If so what could move? Tourism is still the obvious laggard with real estate all the way at the end.

Do I think the economy will recover this year? No

Next year? No. Then when? 2022 perhaps.

Do I think markets can be up ytd this year? Yes. For reasons explained in multiple posts before….note that I can also see it down -50% from here too.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.