Housekeeping: Good afternoon. Hartnett’s Weekly report is presented 3 ways: 1) Video walk-through with light comments 2) Hartnett’s main points broken out below, 3) and original format at bottom. Enjoy. 1
The Flow Show’s Flow
Between Fed easing and China stimulus inflation will continue taking commods, Gold with it
Stocks are overvalued, US stocks even moreso
Commod. and Gold underweighted by investors despite being strong
If the stock rally continues, EM will be the play relative to US
If, however, recession risk rises (see China longbond chart) , US Bonds will be the play.. tech will suffer and so will gold somewhat
If Bonds get crushed, long Gold and short Tech
Hartnett: We remain long Bullion [rate cuts and inflation] and Bonds [hedging mkt crash risk]
Hartnett Flow Show: Top of The World
Wall St conviction trades are 1. long gold (inflation & populism hedge), 2. long tech (AI), 3. short 30 year Treasuries
—Michael Hartnett
