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While I worry short term as the Dollar is too oversold - CLEARLY Passport stocks are amazing value versus the US and will remain so!
The Dollar
You already know that I am getting ready for some pain due to a Dollar rally - but these charts I hope bring home why. Below is the price charts and as you can see - we are very close to the longer term trendline for DXY. The UTL that goes back to 2011 for the trade-weighted Dollar is also nearing a touch (will have that on next time).
The Scoreboard
The US is on fire and people are shouting BUBBLE! and yet the US is up 4% and there are 9 countries up over 30% YTD and 20 up over 20% YTD.
Interesting Data
Eurozone - EZU 0.00%↑
Wages cooling off in Europe and breaking trend.
Inflation is under 2% (someone tell The Don that is why the ECB got to do more cuts).
Japan - EWJ 0.00%↑
Inflation is still a thing in Japan.
UK - EWU 0.00%↑
Retail sales breaking in the UK after the labor market already broke. The economy looks like it is in trouble in Britain.
China - FXI 0.00%↑
FDI is still a problem in China.
Germany - EWG 0.00%↑
Beat on business expectations and trying to break above the 4yr lull.
Interesting News
China - FXI 0.00%↑
Thoughtful way to take a different look.
Spain - EWP 0.00%↑
Very little market impact thus far but worth watching.
Thailand - THD 0.00%↑
Argentina - ARGT 0.00%↑
Brazil - EWZ 0.00%↑
Interesting Charts
South Korea - EWY 0.00%↑
Have I ever mentioned that I am bullish South Korea?
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