Weekly Macro Themes - Remain bullish crude oil and energy stocks
This week I covered the following topics:
1. Crude Oil/Energy: Remain bullish crude oil (technicals, sentiment, positioning, supply/demand), and energy stocks (cheap valuations, light positioning, upside in energy prices).
2. Oil vs Gold: Bullish oil vs gold (and energy stocks vs gold miners) on relative value, relative sentiment and positioning, and turning technicals.
3. Gold: Gold continues to see strong tailwinds, albeit also faces increasingly expensive valuations. Gold miners look promising, and likely serve well as a defensive position.
4. Agri Commodities: Continue to see upside risk for agri prices given strong price trend and intermarkets, light capex, lukewarm sentiment/positioning, and bottoming process in grain prices.
5. LatAm Equities: Remain bullish Latin American equities given cheap valuations (equity + FX), bullish technicals, easier monetary policy, and resurgent earnings revisions momentum.
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