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Green Book August 2013

We Get Bulled Over As The Major Trend Moves Back To Positive

A top-down and bottom-up look at the Emerging Markets, plus two thematic group ideas. The S&P 500’s 19% surge should ensure a stronger second half economy. IF 2011’s decline was a bear market, the new bull is only 22 months old. We handicap the high in Housing; is there a new leg in the Commodity decline; is Tech’s tide rising? Two histograms make the case that stocks are cheap. We like Electronic Manufacturing Services and Health Care Distributors. A look at the euro and the yen reveals a regime shift in both cases, but for different reasons. We expect higher volatility on the 10-year yield to persist. 

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