INTERMARKET CONTRADICTIONS
​The Hang Seng and the HSCEI have triggered their reverse head-and-shoulders pattern together with Copper. Yet, on European and US indices, we do not have opportunities to buy yet. On the contrary, we may soon witness a correction. Those signals are in contradiction. Our experience in those situations is that it is urgent to do nothing, and even less, until we have an alignment of markets that makes strategic sense. For the time being, the movements are adjustments caused by the extreme speed of January and early February move. The Bund and US Bonds seem to be entering a consolidation.
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