A Recap of the Year Ahead – 2017

U.S. equities commenced a cyclical bull market in February 2016, confirmed by classic technical evidence suggesting a durable rally into 2018.

U.S. bonds may have completed a 70-year super-cycle in July 2016. A move above 4.0% yield on 30s is required to corroborate a secular bear market.

Gold must stage a very impressive rally to establish a positive long-term outlook.

Crude oil appears to have bottomed after a “normal” 75% decline.

Extreme divergences between U.S. and non-U.S. equities are a stand-out feature in today’s market landscape.

 

Bonus chart… dedicated to Ian McAvity