Global Equity Markets

Birinyi's Ticker Sense shows a great table of overbought/oversold ranges for global ETFs today. In almost all cases the equity markets are at the high end of the range or within one or two points of the high. We mentioned BCA's concurrent opinion in another post. International markets may go up more over the short-run but we doubt the gains can be held. Book some profits.

Strategy Update: There was a bit too much self-congratulation and back-slapping on the part of dollar bears after the recent weakness. We viewed this development as a contrarian opportunity to remove and partially reverse our short dollar position in the Dynamic FX Strategy. The largest position in the strategy is currently intermediate US treasury securities. Dynamic FX is up over 8.5% YTD and 4% ahead of the benchmark Lehman Aggregate Index (see inset). Past performance is not indicative of future results. For more information on opening a managed account, visit our website. We are an SEC registered investment advisor with more than $40 million in assets under management.