Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy Our outlook remains bullish on global equities (MSCI ACWI), though the most bullish regions are those outside of the U.S., notably within Europe and Japan. To recap our recent international reports, we have been expecting near-term downside on ACWI-US and the S&P 500 since our February 27 Int'l Compass, when both ACWI-US and the S&P 500 displayed false breakouts. At that time, we discussed to look for pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-567...